Framework Administered Account for Selected Fund Activities—European Commission Subaccount for Selected Fund Activities

The Fund, represented by the Managing Director, has reached understandings with the European Commission (EC), to finance capacity building (technical assistance and training) and related activities. On the basis of these understandings, the Managing Director and EC President Barroso signed a framework agreement on January 12, 2009. The provisions of the framework agreement serve as the essential terms and conditions of the Subaccount with respect to the nature, design, and implementation of the activities to be financed and the method by which the costs of the activities will be financed from the Subaccount.