The International Finance Corporation (General Capital Increase) Order 2019

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.

Draft Statutory Instruments

2019 No.

International Development

The International Finance Corporation (General Capital Increase) Order 2019

Made

2019

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 International Finance Corporation 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:

(1)

2002 c. 1