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STATUTORY INSTRUMENTS
2006 No. 2327
INTERNATIONAL DEVELOPMENT
The African Development Bank (Tenth Replenishment of the African Development Fund) Order 2006
| |
Made |
6th July 2006 | |
| |
Coming into force |
6th July 2006 | |
This Order is made in exercise of the powers conferred by section 11 of the International Development Act 2002 ("the Act")[1].
Section 11 of the Act provides that where the Government of the United Kingdom becomes bound to make a relevant payment to a multilateral development bank, the Secretary of State may make the relevant payment and other associated payments specified in section 11(3). The payments must be approved by an order made by the Secretary of State with the approval of the Treasury.
"Relevant payment" in relation to such a bank includes a further payment to the bank required to be made by the members under any arrangements beyond the initial subscription or other initial contribution to the capital stock of the bank.
In accordance with section 11(4) of the Act, this Order is made by the Secretary of State with the approval of the Treasury.
In accordance with section 11(5) of the Act, a draft of this Order has been laid before the House of Commons and approved by resolution of that House.
Accordingly, the Secretary of State for International Development makes the following Order:
Citation and commencement
1.
This Order may be cited as the African Development Bank (Tenth Replenishment of the African Development Fund) Order 2006 and shall come into force forthwith.
Interpretation
2.
In this Order—
"the Agreement" means the Agreement establishing the African Development Bank dated 4 August 1963, as ratified by the Government of the United Kingdom on 29 April 1983[2];
"the Bank" means the African Development Bank established by the Agreement;
"the Fund" means the African Development Fund of the Bank established by agreement dated 29 November 1972, as ratified by the Government of the United Kingdom on 30 June 1973[3];
"the Government" means the Government of the United Kingdom;
"the Tenth Replenishment Resolution" means Resolution No. ADF/BD/IF/2005/83 dated 4 May 2005 of the Board of Governors of the Bank.
Relevant Payments
3.
The Secretary of State may, on behalf of the Government, out of money provided by Parliament—
(a) make payment of a further contribution to the Fund not exceeding £206,191,098 in accordance with arrangements made between the Government and the Bank in accordance with the Tenth Replenishment Resolution; and
(b) make payment of sums required to redeem any non-interest-bearing and non-negotiable notes or other obligations which may be issued or created by him and accepted by the Bank pursuant to the arrangements mentioned in paragraph (a).
Hilary Benn
One of Her Majesty's Principal Secretaries of State
26th June 2006
We approve,
Alan Campbell
Dave Watts
Two of the Lords Commissioners of Her Majesty's Treasury
6th July 2006
EXPLANATORY NOTE
(This note is not part of the Order)
This Order approves the making of a payment on behalf of the Government of the United Kingdom to the African Development Bank of sums not exceeding £206,191,098 as the contribution of the Government of the United Kingdom to the tenth replenishment of the resources of the African Development Fund of the Bank in accordance with arrangements made with the Bank pursuant to the Resolution No. ADF/BD/IF/2005/83 adopted by the Board of Governors of the Bank on 4 May 2005.
The Order also provides for the redemption of non-interest-bearing and non-negotiable notes issued by the Secretary of State in respect of the payment.
The provisions of Resolution No. ADF/BD/IF/2005/83 may be obtained by application to the Department for International Development, 1 Palace Street, London SW1E 5HE.
Notes:
[1]
2002 c.1back
[2]
Cmnd 1205back
[3]
Cmnd 7551back
ISBN
0 11 075060 8
| © Crown copyright 2006 |
Prepared
4 September 2006
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URL: http://www.bailii.org/uk/legis/num_reg/2006/20062327.html
