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

Made: 19th July 2023

Coming into force in accordance with regulation 1

Accordingly, the Secretary of State makes the following Regulations:

Citation and commencement

1

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.

Amount of the limit on government assistance

2

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

Signed

Andrew Mitchell — Minister of State — Foreign, Commonwealth and Development Affairs — 19th July 2023

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

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.

Footnotes

[^f00001]: 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.