INTER-AMERICAN DEVELOPMENT BANK ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Approval of acceptance of Bank Agreement

   4   Financial provisions

   5   Certain provisions of Bank Agreement given force of law in Jamaica

   6   Power of Minister to make orders

   7   Amendment of First Schedule and matters consequential on amendment

      SCHEDULES

 

THE INTER-AMERICAN DEVELOPMENT BANK ACT

[Date of Commencement: 23rd December, 1969]

Act 44 of 1969.

LNs
61/1977,
124G/1995,
125G/1996.

1   Short title

   This Act may be cited as the Inter-American Development Bank Act.

2   Interpretation

   In this Act-

   "the Bank Agreement" means the Agreement establishing the Inter-American Development Bank the original of which is deposited in the archives of the Organisation American States and of which the text of the Articles is set out in the First Schedule to this Act;

   "Bank" means the Inter-American Development Bank established under the Bank Agreement;

   "Minister" means the Minister responsible for finance;

   "the Resolution" means the Resolution set out in the Second Schedule to this Act embodying the terms and conditions governing the admission of Jamaica to membership of the Bank adopted by the Board of Governors of the Bank on the 16th of October 1969.

3   Approval of acceptance of Bank Agreement

   Acceptance by the Government of the Bank Agreement is hereby approved.

4   Financial provisions

   (1) The Minister is authorised to pay for the account of Jamaica the amounts payable from time to time to the Bank under the Bank Agreement and the Resolution:

   Provided that the Bank of Jamaica may from time to time, subject to the terms of any agreement made by that Bank with the Government, pay from its own funds such of the amounts aforesaid as may be specified in the Agreement.

   (2) The Minister may issue or cause to be issued to the Bank non-negotiable non-interest bearing notes or similar securities in lieu of any portion of the subscription to the Bank's authorised capital or the contribution to the Fund for Special Operations payable in Jamaican currency and any sums payable in respect of such notes or securities so issued shall be a charge on the Consolidated Fund.

   (3) The Minister may borrow from any person, any sum or sums required for payments under this section and, for the purpose of such borrowing, he may create and issue any securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit.

   (4) The principal and interest of any securities issued under subsection (3) and the expenses incurred in connection with their issue shall be charged on the Consolidated Fund.

   (5) Subject to the terms of any agreement to the contrary made by the Bank of Jamaica with the Government pursuant to the proviso to subsection (1), any moneys received by the Government from the Bank or raised by securities under subsection (3) shall be paid into the Consolidated Fund Account and shall form part of the Consolidated Fund and be available in any manner in which that Fund is available.

   (6) The Bank of Jamaica shall act as a depository for the holdings of currency of Jamaica and other assets of the Bank.

5   Certain provisions of Bank Agreement given force of law in Jamaica

   The provisions of sections 2 to 9 inclusive of Article XI of the Bank Agreement (which relate to the status, immunities and privileges to be accorded to the Bank) shall have the force of law in Jamaica, so, however, that the provisions of paragraph (a) of section 9 of Article XI of the Bank Agreement shall not be construed as precluding waiver by the Bank of any immunity conferred by that paragraph.

6   Power of Minister to make orders

   The Minister may by order make such provisions as may be necessary for carrying into effect any of the provisions of the Bank Agreement.

7   Amendment of First Schedule and matters consequential on amendment

   (1) Where any amendment to the Bank Agreement is accepted by the Government, the Minister may by order amend the First Schedule by including therein the amendment so accepted.

   (2) Any order made under this section may contain such consequential, supplemental or ancillary provisions as appear to the Minister to be necessary or expedient for the purpose of giving due effect to the amendment accepted as aforesaid and, without prejudice to the generality of the foregoing, may contain provisions amending references in this Act to specific provisions of the Bank Agreement.

   (3) Every order made under this section shall be subject to negative resolution of the House of Representatives.

   (4) Where the First Schedule to this Act is amended pursuant to this section any reference in this Act or any other instrument to the Bank Agreement shall, unless the context otherwise requires, be construed as a reference to the Bank Agreement as so amended.

FIRST SCHEDULE

(Sections 2 and 7)

<IN:LF:0.1,RT:0.1,FI:0>TEXT OF ARTICLES OF AGREEMENT ESTABLISHING

<IN:LF:0.1,RT:0.1,FI:0>THE INTER-AMERICAN DEVELOPMENT BANK

<IN:LF:0.1,RT:0.1,FI:0>(as amended)

[LN 61/1977.]

ARTICLE I
PURPOSE AND FUNCTIONS

SECTION 1 - Purpose

   The purpose in the Bank shall be to contribute to the acceleration of the process of economic and social development of the regional developing member countries, individually and collectively.

SECTION 2 - Functions

   (a)   To implement its purpose, the Bank shall have the following functions:

         (i)   to promote the investment of public and private capital for development purposes;

         (ii)   to utilize its own capital, funds raised by it in financial markets, and other available resources, for financing the development of the member countries, giving priority to those loans and guarantees that will contribute most effectively to their economic growth;

         (iii)   to encourage private investment in projects, enterprises, and activities contributing to economic development and to supplement private investment when private capital is not available on reasonable terms and conditions;

         (iv)   to co-operate with the member countries to orient their development policies toward a better utilization of their resources, in a manner consistent with the objectives of making their economies more complementary and of fostering the orderly growth of their foreign trade; and

         (v)   to provide technical assistance for the preparation financing and implementation of development plans and projects, including the study of priorities and the formulation of specific project proposals.

   (b)   In carrying out its functions the Bank shall co-operate as far as possible with national and international institutions and with private sources supplying investment capital.

ARTICLE II
MEMBERSHIP IN AND CAPITAL OF THE BANK

SECTION 1 - Membership

   (a)   The original members of the Bank shall be those members of the Organisation of American States which, by the date specified in Article XV Section 1 (a) shall accept membership in the Bank.

   (b)   Membership shall be open to other members of the Organisation of American States and to Canada, Bahamas and Guyana at such times and in accordance with such terms as the Bank may determine.

   Non-regional countries which are members of the International Monetary Fund, and Switzerland, may also be admitted to the Bank, at such times, and under such general rules as the Board of Governors shall have established. Such general rules may be amended only by decision of the Board of Governors by a two-thirds majority of the total number of governors, including two-thirds of the governors of non-regional members, representing not less that three-fourths of the total voting power of the member countries.

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