African Development Fund (Multilateral Debt Relief Initiative) Order 2006

• Citation: S.I. 2006/2321
• Sections: 3

Section 1 Citation and commencement

This Order may be cited as the African Development Fund (Multilateral Debt Relief Initiative) Order 2006 and shall come into force forthwith.

Section 2 Interpretation

In this Order—

“the Agreement” means the Agreement establishing the African Development Fund dated 29 th November 1972, as ratified by the Government of the United Kingdom on 30 June 1973 ;

“the Fund” means the African Development Fund established by the Agreement;

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

“the Resolution” means Resolution F/BG/2006/12 concerning the Multilateral Debt Relief Initiative adopted by the Board of Governors of the Fund on 18 May 2006.

Section 3 Relevant Payments

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

(a) make payments to the Fund not exceeding £79.19 million 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 him and accepted by the Fund pursuant to the arrangements mentioned in paragraph (a).