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
Cmnd. 4358.