EXPLANATORY NOTE
(This note is not part of the Order)
This Order approves the payment to the International Bank for Reconstruction and Development (“the Bank”) of a subscription not exceeding in the aggregate the equivalent of 66,481,948.50 United States Dollars to the increased authorised capital stock of the Bank. This subscription will be made pursuant to arrangements made with the Bank in accordance with Resolution No 664 adopted by the Board of Governors of the Bank on 1 October 2018 (“the Resolution”). The Order further provides that the Secretary of State may make payments to maintain the value of the subscription to the increased authorised capital stock. It also provides that the Secretary of State may make payments to redeem any non-interest-bearing and non-negotiable notes that may be issued by the Secretary of State in payment of this subscription.
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.