The Asian Development Bank (Extension of Limit on Guarantees) Order 1995

Made: 25th May 1995

Coming into force: 25th May 1995

Now, therefore, the Secretary of State, in exercise of the powers conferred upon him by section 7(2) of the Act and with the approval of the Treasury, hereby makes the following Order:—

1

This Order may be cited as the Asian Development Bank (Extension of Limit on Guarantees) Order 1995 and shall come into force on the day on which it is made.

2

The aggregate amount of the sums which may be paid out of money provided by Parliament under section 7(1)(a) of the Act shall not exceed £230,000,000.

Signed

Douglas Hurd — One of Her Majesty’s Principal Secretaries of State

We approve,

Timothy Wood — Derek Conway — Two of the Lords Commissioners of Her Majesty’s Treasury — 25th May 1995

Explanatory note

(This note is not part of the Order)

Section 7(1)(a) of the Overseas Development and Co-operation Act 1980 provides that there may be paid out of money provided by Parliament sums which may be required to make payments in fulfilment of any undertaking given by the Government of the United Kingdom in pursuance of paragraph 3 of Article 3 of the Agreement for the establishment and operation of the Asian Development Bank (Cmnd. 3762), being an undertaking to be responsible for obligations of another member for whose external relations the Government of the United Kingdom is responsible. Section 7(2) of the said Act provides that the aggregate amount of the sums which may be paid under section 7(1)(a) of the Act shall not exceed £90,000,000 or such greater sum as the Secretary of State, with the approval of the Treasury, may from time to time specify in an Order made by statutory instrument.

The Asian Development Bank (Extension of Limit on Guarantees) Order 1986 provided that the aggregate amount of the sums which may be paid under section 7(1)(a) of the said Act be increased from £90,000,000 to £140,000,000.

This Order provides that the aggregate amount of the sums which may be paid under section 7(1)(a) of the said Act shall be increased from £140,000,000 to £230,000,000.

Footnotes

[^f00001]: 1980 c. 63.

[^f00002]: Cmnd. 3762.

[^f00003]: S.I. 1986/286.