The International Finance Corporation Act

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.233
CHAPTER 207
THE INTERNATIONAL FINANCE CORPORATION ACT
[PRINCIPAL LEGISLATION]
Arrangement of Sections
Section Title
1. Short title.
2. Interpretation.
3. Approval of Agreement.
4. Financial and other provisions.
SCHEDULE

LATION]
Arrangement of Sections
Section Title
1. Short title.
2. Interpretation.
3. Approval of Agreement.
4. Financial and other provisions.
SCHEDULE

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.234
WHEREAS on the eleventh day of April, 1955, the executive
directors of the International Bank for Reconstruction and
Development approved Articles of Agreement, hereinafter
in this Act referred to as the “Agreement”, providing for the
establishment and operation of an international body to be
called the International Finance Corporation, hereafter in
this Act referred to as the “Corporation”:
AND WHEREAS copies of the text of the Agreement have
been laid before the National Assembly:
AND WHEREAS it is expedient that Mainland Tanzania
becomes a member of the Corporation and that provision be
made for acceptance by the United Republic of the Agreement
and for carrying out the obligations of the United Republic
thereunder. 1. This Act may be cited as the International Finance
Corporation Act. 2. In this Act, unless the context requires otherwise-
“Minister” means the Minister responsible for finance. 3. Acceptance by the Government of the Agreement is hereby
approved and such acceptance shall be signified by the Minister
on behalf of the Government.

. Acceptance by the Government of the Agreement is hereby
approved and such acceptance shall be signified by the Minister
on behalf of the Government.

Short title
Interpretation
Approval of
Agreement
CHAPTER 207
THE INTERNATIONAL FINANCE CORPORATION ACT
An Act to make provision with respect to acceptance by the Government
of an International Agreement for the establishment and operation of an
International Finance Corporation and to provide for related matters. [13th July, 1962]
Act No. 33 of 1962

t for the establishment and operation of an
International Finance Corporation and to provide for related matters. [13th July, 1962]
Act No. 33 of 1962

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.235
THE INTERNATIONAL FINANCE CORPORATION ACT [CAP. 207 R.E. 2023]
4.–(1) The subsequent provisions of this section shall come
into operation on such date as the acceptance of the Agreement
is signified by the Minister on behalf of the Government. (2) There shall be charged on and paid out of the
Consolidated Fund without further appropriation than this
Act all sums required for the purpose of making payments on
behalf of the Government-
(a) under section 3 of Article II of the Agreement which
provides for the subscription of shares of stock of the
Corporation; and
(b) under section 4 of Article V of the Agreement
which relates to the cessation of membership of the
Corporation.

es of stock of the
Corporation; and
(b) under section 4 of Article V of the Agreement
which relates to the cessation of membership of the
Corporation.

(3) For the purpose of providing any sums required for
making any payments under subsection (2), the Minister
may, on behalf of the Government, raise loans by the creation
and issue of securities bearing such rates of interest and
subject to such conditions as to repayment, redemption or
otherwise as he may think fit and the principal and interest
of such securities and the charges and expenses incurred in
connection with their issue shall be charged on and paid out of
the Consolidated Fund. (4) Any moneys received by the Government from
the Corporation in pursuance of the Agreement or raised
under subsection (3) shall be paid into and form part of the
Consolidated Fund and shall be available in the same manner
as that Fund is available. (5) The provisions of the Agreement set out in the Schedule
to this Act shall have the force of law in the United Republic:
Provided that, nothing in section 9 of Article VI of the
Agreement shall be construed as-
(a) entitling the Corporation to import goods free
of customs duty without any restriction on their
subsequent sale in the country to which they were
imported;
Financial and
other provisions

goods free
of customs duty without any restriction on their
subsequent sale in the country to which they were
imported;
Financial and
other provisions

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.236
THE INTERNATIONAL FINANCE CORPORATION ACT [CAP. 207 R.E. 2023]
(b) conferring on the Corporation any exemption from
duties or taxes which form part of the price of goods
sold; or
(c) conferring on the Corporation any exemption from
taxes or duties which are in fact no more than charges
for services rendered. SCHEDULE
(Made under section 4(5))
PROVISIONS OF AGREEMENT WHICH ARE TO
HAVE THE FORCE OF LAW
ARTICLES OF AGREEMENT OF THE
INTERNATIONAL FINANCE CORPORATION
Article VI. Status, Immunities and Privileges
Section 2. Status of the Corporation
The Corporation shall possess full juridical personality and, in
particular, the capacity-
(i) to contract;
(ii) to acquire and dispose of immovable and movable property;
(iii) to institute legal proceedings. Section 3.

icular, the capacity-
(i) to contract;
(ii) to acquire and dispose of immovable and movable property;
(iii) to institute legal proceedings. Section 3.

Position of the Corporation with Regard to Judicial
Process
Actions may be brought against the Corporation only in a court
of competent jurisdiction in the countries of a member in which the
Corporation has an office, has appointed an agent for the purpose of
accepting service or notice of process, or has issued or guaranteed
securities. No actions, shall, however, be brought by members or persons
acting for or deriving claims from members. The property and assets of
the Corporation shall, wheresoever located and by whomsoever held,
be immune from all forms of seizure, attachment or execution before
the delivery of final judgment against the Corporation. Section 4. Immunity of Assets from Seizure
Property and assets of the Corporation, wherever located and
by whomsoever held, shall be immune from search, requisition,
confiscation, expropriation or any other form of seizure by executive
or legislative action.

homsoever held, shall be immune from search, requisition,
confiscation, expropriation or any other form of seizure by executive
or legislative action.

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.237
THE INTERNATIONAL FINANCE CORPORATION ACT [CAP. 207 R.E. 2023]
Section 5. Immunity of Archives
The archives of the Corporation shall be inviolable. Section 6. Freedom of Assets from Restrictions
To the extent necessary to carry out the operations provided for in
this Agreement and subject to the provisions of Article III, section 5,
and the other provisions of this Agreement, all property and assets of
the Corporation shall be free from restrictions, regulations, controls
and moratoria of any nature. Section 7. Privilege for Communication
The official communication of the Corporation shall be accorded
by each member the same treatment that it accords to the official
communications of other members. Section 8.

ion of the Corporation shall be accorded
by each member the same treatment that it accords to the official
communications of other members. Section 8.

Immunities and Privileges of Officers and Employees
All Governors, Directors, Alternators, officers and employees of the
Corporation-
(i) shall be immune from legal process with respect to acts
performed by them in their official capacity;
(ii) not being local nationals, shall be accorded the
same immunities from immigration restrictions,
alien registration requirements and national service
obligations and the same facilities as regards exchange
restrictions as are accorded by members to the
representatives, officials, and employees of comparable
rank of other members;
(iii) shall be granted the same treatment in respect of
travelling facilities as is accorded by members to
representatives, officials and employees of comparable
rank of other members. Section 9. Immunities from Taxation
(a) The Corporation, its assets, property, income and its
operations and transactions, authorised by this Agreement,
shall be immune from all taxation and from all customs
duties. The Corporation shall also be immune from liability
for the collection or payment of any tax or duty.

e from all taxation and from all customs
duties. The Corporation shall also be immune from liability
for the collection or payment of any tax or duty.

(b) No tax shall be levied on or in respect of salaries and
emoluments paid by the Corporation to Directors, Alternates,
officials or employees of the Corporation who are not local
citizens, local subjects, or other local nationals. (c) No taxation of any kind shall be levied on any obligation or
security issued by the Corporation, including any dividend
or interest thereon, by whomsoever held-

n of any kind shall be levied on any obligation or
security issued by the Corporation, including any dividend
or interest thereon, by whomsoever held-

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.238
THE INTERNATIONAL FINANCE CORPORATION ACT [CAP. 207 R.E. 2023]
(i) which discriminates against such obligation or security
solely because it is issued by the Corporation; or
(ii) if the sole jurisdiction basis for such taxation is the
place or currency in which it is issued, made payable or
paid, or the location of any office or place of business
maintained by the Corporation.
(d) No taxation of any kind shall be levied on any obligation
or security guaranteed by the Corporation, including any
dividend or interest thereon, by whomsoever held-
(i) which discriminates against such obligation or security
solely because it is guaranteed by the Corporation; or
(ii) if the sole jurisdictional basis for such taxation is the
location of any office or place of business maintained
by the Corporation.
Section 11. Waiver
The Corporation in its discretion may waive any of the privileges
and immunities conferred under this Article to such extent and upon
such conditions as it may determine.