Statutory Instruments
2008 No. 2088
International Development
The African Development Bank (Eleventh Replenishment of the African Development Fund) Order 2008
Made
17th July 2008
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 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 commencement
1. 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.
Interpretation
2. In this Order—
“the Bank” means the African Development Bank established by an agreement dated 4 th August 1963, as ratified by the Government on 29 th April 1983( 2 );
“the Fund” means the African Development Fund of the Bank established by an agreement dated 29 th November 1972, as ratified by the Government on 30 th June 1973( 3 );
“the Government” means the Government of the United Kingdom;
“the Resolution” means Resolution F/BG/2008/01 dated 28 th March 2008 of the Board of Governors of the Fund.
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 £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.
Douglas Alexander
Secretary of State
Department for International Development
17th July 2008
We approve
Alan Campbell
Dave Watts
Two of the Lords Commissioners of Her Majesty’s Treasury
17th July 2008