The African Development Bank (Sixteenth Replenishment of the African Development Fund) Order 2023

• Citation: S.I. 2023/1284
• Sections: 3

Section 1 Citation and commencement

This Order may be cited as the African Development Bank (Sixteenth Replenishment of the African Development Fund) Order 2023 and comes into force on the day after the day on which it is made.

Section 2 Interpretation

In this Order—

“ the Bank ” means the African Development Bank established by an agreement dated 4th August 1963, as ratified by the Government on 29th April 1983 ;

“ the Fund ” means the African Development Fund of the Bank established by an agreement dated 29th November 1972, as ratified by the Government on 30th June 1973 ;

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

“ the Resolution ” means Resolution No. F/BG/2023/01 entitled ‘The Sixteenth General Replenishment of the Resources of the African Development Fund’ adopted by the Board of Governors of the Fund on 2nd April 2023.

Section 3 Relevant Payments

The Secretary of State may, on behalf of the Government—

(a) make payment of a further contribution to the Fund not exceeding £450 million in accordance with the 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 the Secretary of State and accepted by the Fund pursuant to the arrangements mentioned in paragraph (a),

in accordance with section 11 of the Act.