WHC/7



     UNITED NATIONS EDUCATIONAL, SCIENTIFIC AND CULTURAL ORGANIZATION






                              CONVENTION
                   CONCERNING THE PROTECTION OF THE
                  WORLD CULTURAL AND NATURAL HERITAGE





     Financial Regulations for the World Heritage Fund

          Article 15 of the Convention concerning the Protection of the
     World Cultural and Natural Heritage (hereinafter referred to as "the
     Convention"), establishes a Fund, called "the World Heritage Fund"
     hereinafter referred to as "the Fund" which is to constitute a trust
     fund, in conformity with the provisions of the Financial Regulations of
     Unesco. Consequently, in accordance with Regulation 6.7 of the
     Financial Regulations of the Organization, the Director-General has
     established the following special financial regulations to govern the
     operations of this Fund.

1. Purpose of the Fund

     1.1. The purpose of this Fund shall be to receive contributions from
          the sources indicated in 3.1 below and to make payments
          therefrom, to assist in the protection of properties forming part
          of the World Cultural and Natural Heritage of Outstanding
          Universal Value in accordance with the terms of the Convention
          and of the present Regulations.

2. Financial period of the Fund

     2.1. The financial period shall be two consecutive calendar years
          coinciding with the financial period of the Regular Budget of
          Unesco.

3. Provision of funds

     3.1. The resources of the Fund shall consist of :

          (a)  contributions made by the States Parties to the Convention,
               in accordance with its Article 16 ;

          (b)  contributions, gifts or bequests which may be made by :

               i)   other States ;

               ii)  the United Nations Educational Scientific and
                    Cultural Organization, other organizations of the
                    United Nations system, particularly the United
                    Nations Development Programme or other
                    intergovernmental organizations ;

               iii) public or private bodies or individuals ;


          (c)  any interest due on the resources of the Fund ;

          (d)  funds raised by collections and receipts from events
               organized for the benefit of the Fund ; and

          (e)  any other resources acceptable to the World Heritage
               Committee.

     3.2. As stipulated in Article 16 of the Convention, the contributions
          of States which have not made the declaration referred to in
          paragraph 2 of that Article shall be made according to the scale
          of assessments determined every two years by the General Assembly
          of States Parties to the Convention.

     3.3. The method and the procedure for the payment of all contributions
          of States Parties are those determined by the first General
          Assembly of States Parties to the Convention.

4.   Expenditure

     4.1. The resources of the Fund may be used only for such purposes as
          the World Heritage Committee shall define and may take the
          following form:

          (a)  studies concerning the artistic, scientific and technical
               problems raised by the protection, conservation,
               presentation and rehabilitation of the cultural and natural
               heritage, as defined under the terms of the Convention :

          (b)  provision of experts, technicians and skilled labour to
               ensure that the approved work is correctly carried out ;

          (c)  training of staff and specialists at all levels in the
               field of identification, protection, conservation,
               presentation and rehabilitation of the cultural and natural
               heritage ;

          (d)  supply of equipment which the State concerned does not
               possess or is not in a position to acquire ;

          (e)  low-interest or interest-free loans which might be
               repayable on a long-term basis ;

          (f)  the granting, in exceptional cases and for special reasons,
               of non-repayable subsidies.

     4.2. Expenditure shall be made within the limits of funds available.

     4.3. The undisposed balance of the Fund may be carried forward from
          one financial period to the next.

5. Reserve Fund

     5.1. There shall be established a reserve fund to meet requests for
          assistance resulting from disasters or natural calamities, as
          foreseen under Article 21 (2) of the Convention. The amount of
          the reserve fund which shall be credited with transfers from "the
          World Heritage Fund" shall be determined from time to time by the
          Director-General.

6. Accounts

     6.1. The Director-General shall maintain such accounting records as
          are necessary and shall include in his annual financial report
          accounts showing for the financial period to which they relate
          the receipts and disbursements of the Fund.


     6.2. The annual accounts of the Fund shall be presented in dollars of
          the United States of America. Accounting records may, however, be
          kept in such currency or currencies as the Director-General may
          deem necessary.

     6.3. The annual accounts shall be submitted by the Director-General
          for audit to the External Auditor of Unesco.

     6.4. The accounts shall be submitted by the Director-General to the
          General Assembly of States Parties to the Convention.

7. Custody of Funds

     7.1. The Director-General shall designate the bank or banks in which
          the resources of the Fund shall be kept.

8. Investment of funds

     8.1. The Director-General may make short-term investment of sums
          standing to the credit of the Fund.

     8.2. Interest earned on these investments shall be credited to the
          Fund.


9.   General Provisions

     9.1. Except as provided for in the above Regulations, the Fund shall
          be administered in accordance with the Financial Regulations of
          Unesco.