The Caribbean Development Bank (Tenth Replenishment of the Special Development Fund (Unified)) Order 2021

• Citation: S.I. 2021/734
• Sections: 3

Section 1 Citation and commencement

This Order may be cited as the Caribbean Development Bank (Tenth Replenishment of the Special Development Fund (Unified)) Order 2021 and comes into force on the day after the day on which it is made.

Section 2 Interpretation

In this Order—

“the Agreement” means the Agreement establishing the Caribbean Development Bank dated 18th October 1969 and ratified by the United Kingdom on 23rd January 1970 ;

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

“the Fund” means the Special Development Fund established by article 8 of the Agreement and referred to by the Bank as the Special Development Fund (Unified);

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

“the Resolution” means the Resolution titled “Replenishment of the Special Development Fund (Unified) (SDF 10)” adopted by the contributors to the Fund on 12th February 2021.

Section 3 Relevant Payments

The Secretary of State may, on behalf of the Government, and in accordance with section 11 of the International Development Act 2002—

(a) make payment of a further contribution to the Fund not exceeding £21 million 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).