ITEM NO 1   Minutes of August 10, 2006, Board Meeting to be approved

Board Decision:  APPROVED

ITEM NO 2   Minutes of August 17, 2006, Board Meeting to be approved

Board Decision:  APPROVED

ITEM NO 3   Minutes of August 24, 2006, Board Meeting to be approved

Board Decision:  APPROVED

ITEM NO 4

Country KAZAKHSTAN                             AP082303XX

Request for FINAL COMMITMENT

Applicant      JSC "LOKOMOTIV", ASTANA 010000 KAZAKHSTAN

Borrower       JSC "LOKOMOTIV", ASTANA 010000 KAZAKHSTAN

Guarantor      KAZAKHSTAN TEMIR ZHOLY NATIONAL STATE CO, ASTANA 473 000 KAZAKHSTAN

Guarantor      KAZZHELDORTRANS JSC, ASTANA 473 000 KAZAKHSTAN

Buyer          JSC "LOKOMOTIV", ASTANA 010000 KAZAKHSTAN

End-user       JSC "LOKOMOTIV", ASTANA 010000 KAZAKHSTAN

Exporter       GENERAL ELECTRIC COMPANY, ERIE PA

Supplier       GENERAL ELECTRIC COMPANY, GROVE CITY PA

Supplier       HOWMET CORPORATION, LA PORTE IN

Supplier       ADDITIONAL SUPPLIERS

Gteed Lender   ABN AMRO BANK N.V., CHICAGO IL

Project Name  NONE

Project Description RAILROAD TRANSPORTATION

Product Description LOCOMOTIVE KITS

Financed Amt $86,392,058

Repayment Term  10 YEARS

Board Decision APPROVED

ITEM NO 5   Recommendation to continue improved financing terms of

            The Cape Town Treaty.

            Board Decision:  APPROVED