Explanatory note

The Overseas Development and Co-operation Act 1980, section 4(1),provides that if the Government of the United Kingdom becomes bound byan international agreement for the establishment and operation of aninternational development bank, the Secretary of State may, with theapproval of the Treasury, provide by order for the payment out of moneyprovided by Parliament of any sums required by him for any of thepurposes specified in that subsection.

This Order provides for the payment to the Bank of sums notexceeding ECU 851,750,000 as an initial subscription to the originalauthorised capital of the Bank, and for the redemption ofnon-interest-bearing and non-negotiable notes issued by the Secretary ofState in payment of that subscription. The Order further provides thatcertain sums which may be received by the Government of the UnitedKingdom from the Bank shall be paid into the Consolidated Fund.