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(a). Eligible investments shall include equity interests, including medium- or long-term loans made or guaranteed by holders of equity in the enterprise concerned, and such forms of direct investment as may be determined by the Board.
(b). Loans other than those mentioned in Section (a) are eligible for coverage (i) if they are made to fmance or are otherwise related to a specific investment or project in which some other form of direct investment is present, whether or not guaranteed by the Agency and regardless of when such other investment was made, or (ii) as may be otherwise approved by the Board by special majority.
(c). The Board, by special majority, may extend eligibility to any other medium- or long-term form of investment.
(d). Guarantees shall generally be restricted to investments the implementation of which begins subsequent to the registration of the application for the guarantee by the Agency or receipt by the Agency of other satisfactory evidence of investor intent to obtain guarantees from the Agency. Such investments may include:
(i) a transfer of foreign exchange made to modernize, expand, or develop an existing investment, in which case both the original investment and the additional investment may be considered eligible for coverage;
(ii) the use of earnings from existing investments which could otherwise be transferred outside the host country;
(iii) the acquisition of an existing investment by a new eligible investor;
(iv) existing investments where an eligible investor is seeking to insure a pool of existing and new investments;
(v) existing investments owned by an eligible investor where there is an improvement or enhancement of the underlying project or the investor otherwise demonstrates medium- or long-term commitment to the project, and the Agency is satisfied that the project continues to have a high developmental impact in the host country; and
(vi) such other investments as may be approved by the Board by special majority.
(e). In guaranteeing an investment, the Agency shall satisfy itself as to:
(i) the economic soundness of the investment and its contribution to the development of the host country;
(ii) compliance of the investment with the host country's laws and regulations;
(iii) consistency of the investment with the declared development objectives and priorities of the host country; and
(iv) the investment conditions in the host country, including the availability of fair and equitable treatment and legal protection for the investment.