Draft Order laid before the House of Commons under section 11(5) of the International Development Act 2002, for approval by resolution of the House of Commons.
2008 No. 0000
The African Development Bank (Eleventh Replenishment of the African Development Fund) Order 2008
Made
Coming into force in accordance with Article 1
This Order is made in exercise of the powers conferred by section 11 of the International Development Act 20021 (“the Act”).
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).
“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.
The African Development Fund referred to in this Order comes within the definition, in section 11(2) of the Act, of a ‘multilateral development bank’.
In accordance with section 11(4) of the Act, the Secretary of State makes this Order 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.
Citation and commencement1
This Order may be cited as the African Development Bank (Eleventh Replenishment of the African Development Fund) Order 2008 and comes into force on the day after the day on which it is made.
Interpretation2
In this Order—
1
“the Bank” means the African Development Bank established by an agreement dated 4th August 1963, as ratified by the Government on 29th April 19832;
“the Fund” means the African Development Fund of the Bank established by an agreement dated 29th November 1972, as ratified by the Government on 30th June 19733;
“the Government” means the Government of the United Kingdom;
“the Resolution” means Resolution F/BG/2008/01 dated 28th March 2008 of the Board of Governors of the Fund.
Relevant Payments3
The Secretary of State may, on behalf of the Government—
a
make payment of a further contribution to the Fund not exceeding £417,000,000 in accordance with arrangements made between the Government and the Fund in accordance with the 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 the Secretary of State and accepted by the Fund in accordance with the arrangements mentioned in paragraph (a),
in accordance with section 11 of the International Development Act 2002.
(This note is not part of the Order)