The Asian Development Bank (Eighth Replenishment of the Asian Development Fund) Order 2006

Statutory Instruments

2006 No. 2324

INternational development

The Asian Development Bank (Eighth Replenishment of the Asian Development Fund) Order 2006

Made

6th July 2006

Coming into force

6th July 2006

This Order is made in exercise of the powers conferred by section 11 of the International Development Act 2002 (“the Act”)(1).

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). The payments must be approved by an order made by the Secretary of State with the approval of the Treasury.

“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.

In accordance with section 11(4) of the Act, this Order is made by the Secretary of State 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 Asian Development Bank (Eighth Replenishment of the Asian Development Fund) Order 2006 and shall come into force forthwith.

Interpretation

2.  In this Order—

“the Agreement” means the Agreement establishing the Asian Development Bank dated 4^th December 1965(2);

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

“the Eighth Replenishment Resolution” means Resolution No. 300 dated 25^th August 2004 of the Board of Governors of the Bank;

“the Fund” means the Asian Development Fund of the Bank established by Resolution No. 62 dated 28^th April 1973 of the Board of Governors of the Bank;

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

Relevant Payments

3.  The Secretary of State may, on behalf of the Government, out of money provided by Parliament—

(a) make payment of a further contribution to the Fund not exceeding £114,135,370 in accordance with arrangements made between the Government and the Bank in accordance with the Eighth Replenishment 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 him and accepted by the Bank pursuant to the arrangements mentioned in paragraph (a) above.

Hilary Benn

One of Her Majesty’s Principal Secretaries of State

26th June 2006

We approve

Alan Campbell

Dave Watts

Two of the Lords Commissioners of Her Majesty’s Treasury

6th July 2006

EXPLANATORY NOTE

(This note is not part of the Order)

This Order approves the making of a payment to the Asian Development Bank of a sum not exceeding £114,135,370 as the contribution of the Government to the Eighth Replenishment of the resources of the Asian Development Fund of the Bank in accordance with arrangements made with the Bank pursuant to Resolution No. 300 adopted by the Board of Governors of the Bank on 25^th August 2004.

The Order also provides for the redemption of non-interest-bearing and non-negotiable notes issued by the Secretary of State in respect of the payment.

The provisions of Resolution No. 300 may be obtained by application to the Department for International Development, 1 Palace Street, London SW1E 5HE.

(1)

2002 c.1

(2)

Cmnd 3762.