Explanatory note

The Overseas Aid Act 1968 section 2(1) provides that if the Government of the United Kingdom becomes bound by arrangements for the making of additional contributions to a regional development bank, the Minister of Overseas Development may, with the approval of the Treasury, provide by Order for the payment out of moneys provided by Parliament of any sums required by him for any of the purposes specified in that subsection. This power is now exercisable by the Secretary of State.

This Order provides for the payment to the Asian Development Bank of sums not exceeding the equivalent of U.S. $45,000,000 of the value in effect on 31st January 1966 as additional contributions to the Bank by way of subscription to an issue of shares increasing the authorised stock of the Bank, for the payment of any sums which may be required to maintain the value of such additional contributions, and for the redemption of non-interest-bearing and non-negotiable notes issued by the Secretary of State in payment of those additional contributions. The Order further provides that certain sums which may be received by the Government of the United Kingdom from the Bank shall be paid into the Consolidated Fund.