JUAN CARLOS I King of Spain to all that the present join together and Act, know: that the Cortes Generales have approved and I come in to sanction the following law.
EXPLANATORY statement background African development, created in 1972, aims at granting loans on concessional terms to lower income African countries. Its members are the African Bank and donor countries, 24 of which are non-regional and two belong to the region, Botswana and South Africa.
The Kingdom of Spain, which is a founding member of the Fund since 1974, has participated in all its reruns of resources. In the seventh and last reset our country participated with 3.969.729.331 pesetas to the regular contribution and 1.200.000.000 pesetas to the special tax, representing the 1.56 per 100 of the total replenishment. The 8th replenishment contemplates the uptake of 2.200.000.000 units of account for the period 1999-2001, representing an increase of 20 per 100 with respect to the resources available in the seventh replenishment in real terms and a 100 by 100 in nominal terms.
Spanish participation in the 8th replenishment will be 8.822.158.884 euros (eur 53.022.242,76), which represents 2 per 100 of the total replenishment.
The commitment of Spain in the development of the African continent and the defense of interests of trade policy, advise the participation of our country in the replenishment.
This Act, whose purpose is to allow such participation is dictated by virtue of competence titles which the Constitution attributed exclusively to the State, in accordance with article 149, 1.3. a. and 13.a, referred to international relations, the bases and the coordination of the economy.
Article 1. Contribution to the African Development Fund.
One. It authorizes the Government, on behalf of Spain, made a contribution to the eighth replenishment of the African Development Fund for an amount of 8.822.158.884 euros (eur 53.022.242,76), in accordance with provisions in the resolution F/BG/99/09, adopted by vote by correspondence on June 30, 1999. This decision is published as an appendix to this law.
Two. This contribution will be funded out of the State budget and charged to budgetary application 15.23. 762B. 871 (assistance fund to the development).
Article 2. Payment of contributions.
One. Payments for each subscription of the contributions shall be euros or pesetas.
Two. The checkout process will begin one time approving this law. Thereafter, it will be the provisions of the aforementioned resolution.
3. Such payments may be made in cash or in the form of non-negotiable ious and uninteresting, or obligations of similar nature, payable at sight and issued at the same time.
Article 3. Depositary entity.
For purposes of the contributions which are authorized, the Bank of Spain will play the functions of depositary provided for in article 33 of the Convention articles of the African Development Fund, both assets and promissory notes necessary for the disbursement of contributions as representative of these titles.
First final provision. Faculty of development.
Authorizing the foreign and economy ministers to, in the field of their respective competencies, to enact the rules or take measures that are accurate for the execution of what has this law.
Second final provision. Entry into force.
This law shall enter into force the day following its publication in the "official bulletin of the State".
Therefore, command to all Spaniards, private individuals and authorities, which have and will keep this law.
Madrid, 13 March 2001.
JUAN CARLOS R.
The Prime Minister, JOSÉ MARÍA AZNAR LÓPEZ annex resolution F/BG/99/09 concerning the VIII general replenishment of the African Fund of development the Council of Governors, seen: i) the relevant articles of the agreement (hereinafter "Agreement") establishing the African Development Fund (hereinafter the "Fund"), in particular articles 2 (objectives), 4 (resources) 7 (additional subscriptions of Member States), 16 (forms and modalities of financing), 19 (technical assistance) and 23 (Council of Governors: powers); (ii) the report of the Board of Directors dated March 5, 1999 (the "report"), relating to the setting up of the resolution B/BG/90/03, which authorizes the start of consultations for the VIII general replenishment of the Fund (VIII replacement), and in particular the recommendations of the governing body contained in the report;
Considering that: i) in the report, the Board of Directors, taking into account the needs of developing countries poorer and less advanced members of the African Development Bank (the Bank), has recommended that the Fund comes to a substantial replenishment of its resources to finance their concessional lending programmes for a period of three years, beginning on 1 January 1999.
II) participating States whose list is reproduced in annex II and some members have expressed their intention to sign the eighth replenishment of resources according to the terms, terms and conditions set forth in the present resolution, taking into account that no commitment can be assumed by those participating States and members while not obtaining all the necessary internal consents;
Convinced: i) of the need to provide, before the entry into force of the eighth replenishment, by way of advance subscriptions susceptible de ser be used for operational commitment, a fraction of the amount of the subscriptions carried out pursuant to the present resolution; (ii) of the advantage of granting authorization to the Fund to provide financing in the form of grant and loan, in the circumstances referred to in the report and in accordance with procedures that will have to determine the Council of administration of the Fund; ((iii) of the advantage of encouraging countries that still do not participate in the Fund as members or as taxpayers and which have means to participate in the present replenishment, and iv) of existing benefits in managing the remnants of the resources obtained in the seventh replenishment authorized by resolution F/BG96/04 as a starting member of the VIII general replenishment of resources.
It accepts and ratifies the final report of the consultative meetings of the 8th replenishment; Adopts the conclusions and recommendations contained in the report, and, in consequence, decides as follows: 1. increase of the Fund's resources to) authorization. The Fund is authorized to proceed to the eighth replenishment of its resources for a period of three years, starting the first of January 1999, by a lump sum of two thousand two hundred million units of account (2.200.000.000 U.C.).
(b) subscription of participating States. The Fund is authorized to accept from each of the participating States listed in annex I to the present resolution, a subscription of the amount indicated for each participating State in the appropriate column of annex I to the present resolution.
(c) subscription and additional contributions.
No provision of this resolution prevents the background, except for reservation of the governing agreement, accept subscriptions and other resources above the amounts collected in the present resolution.
(d) report on future replacement. Any participating State which carried out an additional subscription under paragraph 1 (c)), will not be obliged, in future replenishment of the Fund, to increase its share applicable to the latter, for the sole reason of having done in the box of this replacement.
2 subscription of participating States instruments to) general provision. To make a subscription according to these provisions, each participating State is requested to provide at the bottom an instrument of subscription officially confirming his intention to sign the amount indicated in the annex I, expressed in the currency unit prescribed for participant status, which is determined in accordance with paragraph 3 of the present resolution.
(b) subscription without reservation. Except for the provisions of subparagraph (c)) of the present paragraph, this instrument is for the participating State a commitment without reservation for the subscription in the manner and in accordance with the modalities set forth or referred to in the present resolution. In order to implement this resolution, this subscription will be considered as a subscription without reservation.
(c) subscription with reservation. Exceptionally, if a participating State is unable to make a commitment without reservation due to legislative procedures, the Fund can accept this state an instrument of subscription expressly provided for a reservation on payments of all the sections of your subscription are subordinated to the real availability of budget credit. (In addition, this instrument will be a commitment of the participating State make the efforts necessary to obtain such credit to the types specified in paragraphs 6.c) and 8.b) of this resolution, on the payment dates referred to in paragraph 6, and to notify the Fund earning the credits corresponding to each section of the subscription. In order to implement the present resolution, a subscription of this type will be considered subscription with reservation.
3 designation of subscriptions
Subscriptions of participating States shall be denominated in special drawing rights (SDRS) of the International Monetary Fund, in a currency that is used to determine the value of the SDR or in the currency of the participating State if that currency is convertible freely (subscription currency), understanding that if, during the period between 1 January 1996 and 31 December 1998 the participating State's economy has charged an inflation rate higher than 10 per 100 average, their contribution is fixed in special drawing rights, as the Fund will determine it.
4. date of entry into force of the eighth replenishment shall enter into force on the date of deposit at the Fund, participating States, subscription instruments representing a global amount at least equal to 40 by 100 subscriptions referred and listed in annex I to the present resolution (hereinafter, date of entry into force).
5 provision for technical assistance a global amount that can reach 7.5 per 100 quantity total subscriptions referred and listed in annex I to the present resolution will be consigned to purposes of technical assistance.
These amounts will be devoted to the granting of technical assistance donations except that, in some cases, technical assistance may be refundable. The funds reserved but not committed for technical assistance under the terms of this paragraph, shall be entered to the ordinary operations of the Fund.
6 payment of subscriptions to) payment dates. Unless this resolution not otherwise provided, each subscription payments shall be made in three equal annual disbursements SDR, the currencies used to determine the value of SDRS or in freely convertible currencies acceptable by the Fund. Except subject to the provisions of paragraphs 4 and 8 of the present resolution, and safe decision against the Board of Directors, the first of these subscriptions must be carried out at the latest on 31 January 2000 or within a maximum period of thirty days from the date of entry into force, the first beat of the above two; the second and third subscriptions should be undertaken, at the latest, on June 30, 2000 and April 30, 2001, respectively.
Exceptionally, when a participating State, due to legislative procedures, see unable to pay relative to the first payment on the date fixed in accordance with the second sentence of this paragraph, this quota should be made, at the latest thirty days after the date of deposit of the instrument of subscription.
(b) payment of subscriptions from booking dates. A provided reserve subscription payments shall be made in a period of thirty days, from the date on which such subscription will become subscription without reservation, and with regard to the dates of the annual payments specified in paragraph to) of this section. A participating State which has deposited an instrument of subscription with reservation shall inform the background of the status of your subscription at no later than thirty days after the annual disbursement dates laid down in paragraph a) of this section.
(c) voluntary agreements. Each participating State may, by means of a written statement addressed to the Fund, say that you intend to anticipate the date of disbursements, reduce their number or more substantial payments, whose percentage fractions will not be less advantageous to the Fund than those specified in paragraphs a) and b) of this section.
(d) means of payment. Relating to each subscription payments shall be made in kind, at the choice of the participating State holding the payment by deposit of non-negotiable promissory notes and without interests, or obligations of similar nature, payable at sight at their nominal value.
(e) payment schedule. At the time of deposit of the instrument of subscription, each participating State shall indicate to the fund its proposed disbursement schedule, taking into account the provisions laid down pursuant to paragraph 6.
(f) payment of promissory notes. Unless otherwise specified, the Fund will make effective promissory notes or obligations of analogous nature of the States parties, in accordance with the existing disbursement system. In what refers to a participating State that does not respect one or more requests for disbursement, the Fund can agree with that participating State a revised schedule of disbursement which ensure at least equivalent value for the Fund.
(g) payment terms. However in previous provisions of section 6, a participating State to not be asked to make a payment until your subscription is considered to be available for operational commitments provided for in paragraph 8 of the present resolution.
7 advance subscriptions to) level of subscriptions. In order to avoid any interruption in the ability of the Fund in its operational commitments, pending the entry into force of the 8th replenishment and in case of reception by the Fund of instruments of subscription of the participating States, whose global amount is at least equal to 15 per 100 of the total amount of the subscriptions listed in annex I to the present resolution the Fund may be considered as advance subscription, before the entry into force, an amount equivalent to the first instalment of each subscription commitment whose instrument of subscription has been deposited by the participating State, unless against the participating State, in its instrument of subscription.
(b) uniformity of methods. The terms and conditions applicable to subscriptions in the context of the present resolution shall also apply to subscriptions in advance until the date of entry into force, in which these contributions will be considered payment of the amounts due by each participating State by way of subscription.
(c) provisional voting rights. If the 8th replenishment has not entered into force on December 31, 1999, the voting rights conferred by advance subscriptions will be, to the extent that come accompanied by payment, attributed to each participating State making an advance subscription as if he had taken the title of this resolution, and each participating State not making an advance subscription will have the possibility of exercising its preferential rights in the subscription under those conditions you specify the Fund.
(d) use of subscriptions for operational commitments. Without prejudice to the provisions of the previous paragraphs, any participating State may, if desired, notifying the Fund that your subscription or a game of this must be considered as an advance subscription, can be put at the disposal of the Fund with regard to its ability to compromise, before reaching the level of advance subscription mentioned in paragraph a) of this paragraph. (From the moment that it reaches that level, the provisions laid down in paragraphs b)) and (c) of this paragraph shall apply to all made amount to the Fund in accordance with the provisions of the present resolution.
8 ability to compromise to) subscription without reservation. As regards the ability of commitment to the Fund within the framework of its operational programme for the period of the eighth replenishment, all subscription without reservation will be divided into three equal sections and put at the disposal for the purposes of operating commitment follows: i) first leg: on the date of entry into force, provided that the advance subscriptions can be used for the purpose of operational commitments , before the date of entry into force, in accordance with paragraph 7 of the present resolution.
((ii) second leg: on 31 March 2000 or on the date of entry into force, the last in overcoming the two aforementioned dates, and iii) third tranche: 31 May 2001 or on the date of entry into force, the last in overcoming the two dates mentioned.
(b) subscription with reservation. As regards the capacity of operational commitment, provided booking subscriptions will be used to the extent that this reserve disappears. This fact should occur in sections of, at least one-third of the amount of each subscription in the years 1999, 2000 and 2001, respectively.
(c) exceptions. Still the provisions of the previous paragraphs: i) any participating State may authorise the use of the sections of your subscription with capacity of operational commitment, according to the calendar that is more favorable to the Fund than that indicated in paragraphs a) and b) of this section.
(ii) in order maintain the balance in the distribution of charges agreed by the participating States, if a participating State that has deposits an instrument of subscription with reservation and whose subscription represent at least 10 per 100 of the total amount of the subscriptions listed in annex I to the present resolution, is not transformed into subscription without reservation a your subscription amount equal to that section corresponding to that specified in the paragraph b) of this paragraph, must indicate the new amount of the subscription which will have no reservation and your intentions on how to cover the deficit existing in the framework of its commitments to the Fund.
III) if appropriate, the address of the Fund shall diligently to other participating States of any notification received on the terms of paragraph ii) of this section. Each participating State may within a period of thirty days after this information or consultation, give notice in writing to the Fund commitment purposes operating in the second or third installment of your subscription, as the case may be, shall be reduced in proportion to the same extent as the subscription with reservation that has not become subscription without reservation.
A participating State who do not perform such written notification to the Fund in the mentioned term shall be deemed that he has renounced this right.
9. consultation with the participating States if, in the course of the 8th replenishment, the delays in the deposit of the instruments of subscription, the release of sections of subscription with capacity of commitment, in accordance with the provisions of paragraph 8 above, or in the payment of subscriptions, involve, or may well involve a suspension of operations of loan and technical assistance from the Fund , well prevent you from notably the objectives of the eighth replenishment, the Fund shall convene a meeting of the representatives of the participating States to examine the situation and agree on practical measures that enable to achieve the conditions necessary to continue operations or the significant achievement of these objectives.
10 General information to) attribution of voting rights. To determine the proportion of the total number of votes allocated to the participating States by virtue of article 29 (3) of the agreement and in consequence that the payment has been made, every increase of subscription of a participating State is added to the subscriptions already carried out in accordance with the provisions of articles 6 and 7 of the agreement, March 31 30 June, 30 September and 31 December of each year, from the date of entry into force of the resolution.
(b) acceptance of the participating States. Each participating State subscribes the paragraph to) of this paragraph, in so far as acceptance required under article 29.3 of the agreement.
(c) election of administrators. As regards the application of article 27.6. b) of the agreement, the elections to the Board of Directors will take place in the year 2001, during the annual meetings of the Board of Governors of the Fund.
(d) maintenance of value. The rights and obligations of the participating States to carry out additional subscriptions in accordance with the present resolution, as well as those of any other participating State, the Bank and Fund, as regards the additional subscriptions provided for in the present resolution, shall be (unless otherwise set out in the present resolution), the same as those which hold the initial subscriptions of founders participating States carried out in accordance with article 6 of the agreement which resulted in the Fund, unless by needs of assessment of additional subscriptions authorized by this resolution has been repealed the provisions of paragraphs 1 and 2 of article 13 of the agreement, which, therefore, do not apply.
(e) management of pending subscriptions of the seventh replenishment. On the date of entry into force of the eighth replenishment, any background, income or other resources held by the title of the seventh replenishment Fund, it is managed within the framework of the eighth replenishment, except reserve, if necessary, general terms and conditions apply exclusively to the seventh replenishment.
(f) general authorisation. The Governing Council shall take the measures necessary or useful for the effective force implementation of the present resolution, in the light of the guidelines and operational directives set forth in the report.
11. change type as shown in annex I, subscriptions expected from each participant under this resolution have been fixed according to the average monthly rate of change diaries of currencies in respective of these States in relation to the SDR, established by the International Monetary Fund, for the six month period understood since May 1, 1998 to October 31, 1998, included.