The Caribbean Development Bank (Ninth Replenishment of the Unified Special Development Fund) Order 2017

Statutory Instruments

2017 No. 1194

International Development

The Caribbean Development Bank (Ninth Replenishment of the Unified Special Development Fund) Order 2017

Made

28th November 2017

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 2002(1)(“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 its members under any arrangements beyond the initial subscription or other initial contribution to the capital stock of the bank.

The Caribbean Development Bank 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, this Order is made 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 Caribbean Development Bank (Ninth Replenishment of the Unified Special Development Fund) Order 2017 and comes into force on the day after the day on which it is made.

Interpretation

2.  In this Order—

“the Agreement” means the Agreement establishing the Caribbean Development Bank dated 18 October 1969, as ratified by the Government of the United Kingdom on 23 January 1970(2);

“the Bank” means the Caribbean Development Bank established by the Agreement;

“the Fund” means the Special Development Fund (Unified) of the Bank, established by Article 8 of the Agreement;

“the Government” means the Government of the United Kingdom;

“the Resolution” means the Resolution of Contributors to the Special Development Fund (Unified) of the Caribbean Development Bank (SDF 9) adopted at the Meeting of Contributors on December 8 2016.

Relevant Payments

3.  The Secretary of State may, on behalf of the Government—

(a) make payment of a further contribution to the Fund not exceeding £18,000,000 in accordance with arrangements made between the Government and the Bank 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 pursuant to the arrangements mentioned in paragraph (a),

in accordance with section 11 of the International Development Act 2002.

Penny Mordaunt

One of Her Majesty’s Principal Secretaries of State

28th November 2017

We approve,

Mark Spencer

Andrew Griffiths

Two of the Lords Commissioners of Her Majesty’s Treasury

28th November 2017

EXPLANATORY NOTE

(This note is not part of the Order)

This Order approves the making of payments on behalf of the Government of the United Kingdom to the Caribbean Development Bank of sums not exceeding £18,000,000 as a further contribution to the resources of the Unified Special Development Fund. The payment approved by this Order will be made pursuant to the Resolution of the Board of Governors adopted on December 8 2016. The Order also provides for the redemption of non-interest-bearing and non-negotiable notes issued by the Secretary of State pursuant to those arrangements.

An impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.

The provisions of the Resolution may be obtained by application to the Department for International Development, 22 Whitehall, London SW1A 2EG.

(1)

2002 c. 1

(2)

Cmnd. 4358.