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The Commonwealth Development Corporation (Limit on Government Assistance) Regulations 2023

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

Draft 2023, ISBN 9780348248517

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 Regulations laid before the House of Commons under section 15(6) of the Commonwealth Development Corporation Act 1999, for approval by the House of Commons.

International Development

Made 2023

Coming into force in accordance with regulation 1

These Regulations are made in exercise of the power conferred by section 15(4) of the Commonwealth Development Corporation Act 1999f1 (the “Act”).

In accordance with section 15(6) of the Act, a draft of these Regulations has been laid before the House of Commons and approved by a resolution of that House.

Accordingly, the Secretary of State makes the following Regulations:

Annotations to the whole text

Footnotes

f1

1999 c. 20; section 15 was amended by Commonwealth Development Corporation Act 2017 (c. 5), section 1, which increased the previous limit on government assistance of £1,500 million to £6,000 million and provided the power to make further increases not exceeding £12,000 million.

Contents

  1. 1Citation and commencement
  2. 2Amount of the limit on government assistance
  3. Signature
  4. Explanatory note

1Citation and commencement

These Regulations may be cited as the Commonwealth Development Corporation (Limit on Government Assistance) Regulations 2023 and come into force on the day after the day on which they are made.

2Amount of the limit on government assistance

In section 15(1) of the Commonwealth Development Corporation Act 1999 (limit on government assistance) for “£6,000 million” substitute “£9,500 million”.

Signature

Name

Minister of State

Foreign, Commonwealth and Development Affairs

Date

Explanatory note

(This note is not part of the Regulations)

These Regulations increase the limit on government assistance that may be provided to British International Investment plc (formerly CDC Group plc and prior to that the Commonwealth Development Corporation). The Commonwealth Development Corporation Act 1999 (c. 20), as amended, sets the amount of the limit on government assistance that may be provided to British International Investment plc and its associated companies, with a power to allow the Secretary of State to further increase the financial limit up to £12,000 million by regulations. These Regulations exercise that power in increasing the limit to £9,500 million.

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