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The Asian Development Bank (Thirteenth Replenishment of the Asian Development Fund) Order 2024

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2024, ISBN 9780348265040

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Order laid before the House of Commons under section 11(5) of the International Development Act 2002 (c. 1), for approval by resolution of the House of Commons.

INTERNATIONAL DEVELOPMENT

Made

Coming into force in accordance with article 1

The Secretary of State makes this Order in exercise of the powers conferred by section 11(4) of the International Development Act 2002 (“the Act”)f1 for the purposes of approving a payment under section 11(3) of the Act.

Section 11 of the Act provides that where the Government of the United Kingdom becomes bound to make a relevant paymentf2to a multilateral development bankf3the Ministerf4may make the relevant payment and other associated payments specified in section 11(3).

Section 11(4) of the Act provides that section 11(3) applies to a payment only if it is approved by an order made by the Treasury, or by the Secretary of State with the approval of the Treasury.

In accordance with section 11(5) of the Act, a draft of this Order has been laid before the House of Commons and approved by resolution of that House.

Annotations to the whole text

Footnotes

f1

2002 c. 1. Section 11(3) and (4) was amended by S.I. 2017/1283.

f2

The term “relevant payment” is defined in section 11(2) of the International Development Act 2002. The payments mentioned in article 3 of this Order are relevant payments for the purposes of that definition.

f3

The term “multilateral development bank” is defined in section 11(2) of the International Development Act 2002. The Asian Development Bank is a multilateral development bank for the purposes of that definition.

f4

The term “the Minister” is defined in section 1(4) of the International Development Act 2002 as meaning the Secretary of State or the Treasury.

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 3Relevant Payments
  4. Signature
  5. Explanatory note

1Citation and commencement

This Order may be cited as the Asian Development Bank (Thirteenth Replenishment of the Asian Development Fund) Order 2024 and comes into force on the day after the day on which it is made.

2Interpretation

In this Order—

  • “the Bank” means the Asian Development Bank established by agreement dated 4th December 1965, as ratified by the Government on 26th September 1966f1;

  • “the Fund” means the Asian Development Fund of the Bank established by Resolution No. 62 dated 28th April 1973 of the Board of Governors of the Bank;

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

  • “the Resolution” means Resolution No. 427 titled “Thirteenth Replenishment of the Asian Development Fund and Eighth Regularized Replenishment of the Technical Assistance Special Fund” of the Board of Governors of the Bank dated 1st October 2024f2.

3Relevant Payments

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

(a)

make a payment of a further contribution to the Fund not exceeding £120 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 arrangements mentioned in paragraph (a).

Signature

Name

Minister of State

Foreign, Commonwealth and Development Office

Date

We approve,

Name

Name

Two of the Lords Commissioners of His Majesty's Treasury

Date

Explanatory note

(This note is not part of the Order)

This Order approves the making of payments on behalf of the Government of the United Kingdom to the Asian Development Bank of sums not exceeding £120 million as a contribution to the thirteenth replenishment of the Asian Development Fund (the “Fund”). The payments approved by this Order will be made pursuant to Resolution No. 427 adopted by the Board of Governors of the Asian Development Bank on 1st October 2024. The Order also provides for the redemption of non-interest-bearing and non-negotiable notes issued by the Secretary of State pursuant to arrangements between the Government and the Bank.

An impact assessment has not been produced for this instrument as no, or no significant, impact on the private, public or voluntary sector is foreseen.

The provisions of the Resolutions No. 62 (which established the Fund), No. 427 (which authorised the thirteenth replenishment of the Fund) and Command Paper 3762 may be obtained free of charge by application to the Foreign, Commonwealth and Development Office, King Charles St, London SW1A 2AH.