The International Bank for Reconstruction and Development (General Capital Increase) Order 2011

Made: 12th December 2011

Coming into force in accordance with Article 1

Accordingly, the Secretary of State for International Development makes the following Order:

Citation and commencement

1

This Order may be cited as the International Bank for Reconstruction and Development (General Capital Increase) Order 2011 and comes into force on the day after the day on which it is made.

Interpretation

2

In this Order—

• “the Agreement” means the Articles of Agreement of the International Bank for Reconstruction and Development, accepted on behalf of the Government on 27 December 1945[^f00002];

• “the Bank” means the International Bank for Reconstruction and Development established by the Agreement;

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

• “the Resolution” means Resolution No 613 adopted by the Board of Governors of the Bank on 16th March 2011.

Relevant Payments

3

The Secretary of State may, on behalf of the Government—

• (a) make payment of a further subscription to the increased authorised capital stock of the Bank of sums not exceeding in the aggregate the equivalent of 137,972,662.20 United States Dollars pursuant to arrangements made between the Government and the Bank in accordance with the terms of the Resolution;

• (b) make payment of sums required to maintain the value of the payment mentioned in paragraph (a) in accordance with the Agreement and any arrangements made between the Government and the Bank; and

• (c) 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 Bank pursuant to the arrangements mentioned in paragraph (a),

in accordance with section 11 of the International Development Act 2002.

Signed

Andrew Mitchell — One of Her Majesty’s Principal Secretaries of State — 12th December 2011

Michael Fabricant — Angela Watkinson — Two of the Lords Commissioners of Her Majesty’s Treasury — 12th December 2011

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

This Order approves the payment to the International Bank for Reconstruction and Development Bank (“the Bank”) of a subscription not exceeding in the aggregate the equivalent of 137,972,662.20 United States Dollars to the increased authorised capital stock of the Bank. This subscription will be made pursuant to arrangements made with the Bank in accordance with Resolution No 613 adopted by the Board of Governors of the Bank on 16th March 2011 (“the Resolution”). The Order further provides that the Secretary of State may make payments to maintain the value of the subscription to the increased authorised capital stock. It also provides that the Secretary of State may make payments to redeem any non-interest-bearing and non-negotiable notes that may be issued by the Secretary of State in payment of this subscription.

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

A copy of the Resolution may be obtained by application to the Department for International Development, 1 Palace Street, London SW1E 5HE.

Footnotes

[^f00001]: 2002 c. 1.

[^f00002]: Cmnd 6885; this Command Paper is available from The Stationery Office Limited.