The Inter-American Development Bank (Seventh General Increase) Order 1990

• Citation: S.I. 1990/1042
• Sections: 3

Section 1

(1) This Order may be cited as the Inter-American Development Bank (Seventh General Increase) Order 1990 and shall come into force forthwith.

(2) In this Order—

“the Agreement” means the Agreement establishing the Inter-American Development Bank dated 8th April 1959 and accepted by the Government of the United Kingdom on 9th July 1976 ;

“the Bank” means the Inter-American Development Bank established by the Agreement;

“the Fund” means the Fund for Special Operations established by Article IV of the Agreement;

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

“the Resolution” means Resolution AG—5/89 of the Board of Governors entitled Approval of the Report on the Proposal for the Seventh General Increase in the Resources of the Inter-American Development Bank, adopted on 12th May 1989.

Section 2

The Secretary of State may, on behalf of the Government, out of moneys provided by Parliament—

(a) make payment in sterling of a further subscription to the increased authorised ordinary capital stock of the Bank of sums not exceeding in the aggregate the equivalent of 254,779,692 United States dollars pursuant to arrangements made between the Government and the Bank in accordance with the terms of the Resolution;

(b) make payment in sterling of an additional contribution to the Fund for Special Operations of sums not exceeding in the aggregate the equivalent of 6,901,000 United States dollars in accordance with arrangements made between the Government and the Bank in accordance with the terms of the Resolution;

(c) make, in accordance with arrangements made between the Government and the Bank, any payments which the Government may be obliged to make in respect of the allocation of resources from the Fund to the Intermediate Financing Facility Account established by Resolution AG—12/83 in accordance with the terms of the Resolution;

(d) make payment in sterling of sums required to maintain the value of the payments mentioned in paragraph (a) above, in accordance with arrangements made between the Government and the Bank;

(e) make payment in sterling 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 Bank in accordance with the said arrangements.

Section 3

Any sums received by the Government in pursuance of the said arrangements shall be paid into the Consolidated Fund.