Citation and commencement

1.  This Order may be cited as the Asian Development Bank (Twelfth Replenishment of the Asian Development Fund) Order 2021 and comes into force on the day after the day on which it is made.

Interpretation

2.  In this Order—

“the Bank” means the Asian Development Bank established by an agreement dated 4th December 1965, as ratified by the Government on 26th September 1966(2);

“the Fund” means the Asian Development Fund of the Bank established by Resolution No. 62 dated 28th April 1973 of the Board of Governors of the Bank;

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

“the Resolution” means Resolution No. 408 titled “Twelfth Replenishment of the Asian Development Fund and Seventh Regularized Replenishment of the Technical Assistance Special Fund” of the Board of Governors of the Bank and dated 27th November 2020.

Relevant Payments

3.  The Secretary of State may, on behalf of the Government, and in accordance with section 11 of the International Development Act 2002—

(a)make payment of a further contribution to the Fund not exceeding £117.64 million in accordance with arrangements made between the Government and the Bank in accordance with the Resolution; and

(b)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 Fund pursuant to the arrangements mentioned in paragraph (a).