Common use of Administration of the Contributions Clause in Contracts

Administration of the Contributions. 1.1. The Bank will be responsible only for performing those functions specifically set forth in this Arrangement and will not be subject to any other duties or responsibilities to the Donors, including, without limitation, any duties or obligations that might otherwise apply to a fiduciary or trustee under general principles of trust or fiduciary law. Nothing in this Arrangement will be considered a waiver of any privileges or immunities of the IBRD and ▇▇▇ under their Articles of Agreement or any applicable law, all of which are expressly reserved. 1.2. The Contribution will be administered in accordance with the Bank’s applicable policies and procedures, as the same may be amended from time to time, including its framework to prevent and combat fraud and corruption and its screening procedures to prevent the use of Bank resources to finance terrorist activity, in line with the Bank's obligations to give effect to the relevant decisions of the Security Council, taken under Chapter VII of the of Charter of the United Nations. The Donor acknowledges that this provision does not create any obligations of the Bank under the anti-terrorist financing and asset control laws, regulations, rules and executive orders of an individual member country that may apply to the Donor, nor will it be deemed a waiver, express or implied, of any of the privileges and immunities of the Bank. 1.3. For funds from the SEMCAR Trust Fund to finance IMF-executed Activities (the “IMF Funds”), the Bank will transfer funds to IMF under the Letter of Understanding between the Bank and IMF. 1.4. The Donors acknowledge and agree that the Bank has no responsibility, under the Administration Arrangement or otherwise for (i) confirming the use of IMF funds; (ii) implementing, monitoring, supervising, evaluating, or providing quality assurance for activities financed by IMF Funds; (iii) providing Donors with financial, progress, results or impact reporting for activities financed by IMF Funds, other than transferring reports provided by IMF as a facilitating activity by the Project Management Team; (iv) any misuse or misprocurement with respect to IMF Funds; or (v) pursuing any Donor interests or IMF undertakings with respect to IMF Funds. The Donors acknowledge and agree that any financial statements with respect to the use of IMF Funds are the responsibility of IMF. The Donors further acknowledge and agree that any Donor remedy or pursuit of Donor interests with respect to IMF Funds will arise directly between each Donor and IMF, without involvement of the Bank.