Key Benefits:
JOHN CARLOS I
KING OF SPAIN
To all who present it and understand it.
Sabed: That the General Courts have approved and I come to sanction the following Law:
EXPLANATORY STATEMENT
The Fund for the Global Environment (hereinafter the Fund), created in 1991 by Resolution of the Executive Board of the World Bank, is a three-year pilot program, which aims to grant donations and loans to developing countries, in order to help them develop programs that protect the environment globally. The Fund pursues four objectives: combating climate change caused by greenhouse gas emissions, preserving biological diversity, halting water pollution and protecting the ozone layer. The Fund is managed by the World Bank, the United Nations Development Programme, and the United Nations Environment Programme.
The Fund has resources worth 1,000,000,000 special drawing rights, contributed by developed countries and developing countries participating in it. Spain undertook to contribute 10,000,000 special drawing rights to the Fund.
The general policy of maintaining Spain's presence in this type of multilateral financial institutions, as well as the growing concern about environmental issues, advise Spain's participation in the the Global Environment Facility.
The purpose of this Law is the authorization for the participation of Spain in the Global Environment Facility, in accordance with the above.
Article 1. Participation.
The Government is authorized to take the necessary measures to ensure that Spain participates in the Global Environment Facility in the terms of Resolution number 91-5, of 14 May, of the Executive Board of the World Bank, whose text is published as annexed to this Law.
Article 2. Contribution.
In accordance with the resolution cited in the previous article, Spain is authorized to make a contribution to the Fund for an amount of 10,000,000 special drawing rights.
Article 3. Payment of the contribution.
One. The payment by Spain of the amount of the contribution shall be made either in special drawing rights or in another freely convertible currency or in the interest of the non-interest payable on the basis of the time limits and conditions set out in the Resolution. referred to in Article 1, or those which the World Bank may establish.
Two. The disbursements necessary for the payment of the said subscription shall be made from the budgetary allocations which for this purpose have been recorded in the corresponding General Budget Laws, in accordance with the timetable of the payments established.
Final disposition first. Authorization to the Ministers for Foreign Affairs and Economic Affairs and Finance.
The Minister of Foreign Affairs and the Minister of Economy and Finance are hereby authorized to adopt, within the framework of their respective powers, how many measures are necessary for the implementation of this Law.
Final disposition second. Entry into force.
This Law will enter into force the day after its publication in the Official Journal of the State.
Therefore,
I command all Spaniards, individuals and authorities, to keep and keep this Law.
Madrid, 11 May 1994.
JOHN CARLOS R.
The President of the Government,
FELIPE GONZÁLEZ MARQUEZ
ATTACHED
Resolution number 91-5
FUND FOR THE GLOBAL ENVIRONMENT
Whereas:
A) It is desirable to establish a Global Environment Facility (the Fund) at the International Bank for Reconstruction and Development (the Bank) in order to help protect the global environment, and by such means to promote successful and sustainable economic development in relation to the environment;
B) Member countries of the Bank and Switzerland (the Participants) have agreed to provide the Bank with a grant in trust (the Trust Fund for the Global Environment, or Trust Fund), which will be managed by the Bank within the Fund.
C) The co-financing between the Participants and the Trust Fund, to be administered within and for the purposes of the Fund (co-financing provisions for the global environment, or provisions of the co-financing), as another means of contributing to the Fund;
(D) The Parties to the Montreal Protocol on substances that deplete the ozone layer have asked the Bank to collaborate with them, taking charge of the administration and management of the programme of the Parties to finance, with (a) to be charged to the Provisional Multilateral Fund and subsequently to the Multilateral Fund of the Montreal Protocol, the agreed incremental cost of activities aimed at making it possible for developing countries to comply with the control measures of the Protocol, and it is desirable to establish a trust fund for this purpose (the Trust Fund for ozone layer defense projects, or FFDO), and
E) The Bank is willing to establish the Fund for such purposes,
THEREFORE, it is hereby resolved:
A) Establishment of the Fund.
1. The Fund, which will consist of the Trust Fund for the Global Environment, the Cofinancing Provisions with the Trust Fund for the Global Environment, the Trust Fund for Defense Projects, is hereby established. ozone layer, and any other trust funds and agreements that the Bank at any time establishes or agrees to administer within the Fund. The Bank shall administer the Fund in accordance with the applicable provisions of the Convention, the Regulation, the rules and decisions of the same Bank, including this Resolution (the Bank's rules), any agreement concluded in compliance with this Agreement. of the present and any rules and regulations consistent with the same that the Bank shall adopt as necessary or appropriate to achieve the purposes of the Fund. The Bank shall observe in the performance of its tasks in accordance with this Resolution the same care it observes with respect to its own business and shall have no other obligation in this respect.
B) Establishment of the Trust Fund for the Global Environment.
2. The Trust Fund for the Global Environment (Trust Fund) is constituted by funds that over time are contributed in accordance with the provisions of this Resolution and relevant to the Trust Fund, and by any other assets and income of the Trust Fund.
3. The Bank shall retain and manage such funds, assets and income of the trust (in such a condition, the Trustee), as assigned on the basis of the work programme referred to in paragraph 7, and the same Bank shall administer and use only for the purposes relevant to the Trust Fund in accordance with the provisions of this Resolution, and shall keep them completely separate from all other assets and accounts of the Bank or managed by it.
4. The Trustee is authorized to accept contributions to the Trust Fund for donation:
a) For each Participant in the amount specified for each of them in Annex A to this Resolution, and
(b) Additional contributions in terms that are in line with paragraph (a) above, where it is understood that such contributions may include debt instruments issued by a Member State that is possible the beneficiary or an entity of the territories of such a member country, if the Trustee decides, with the consent of the member, that such contribution may be used for the purposes of the Fund.
Agreement and payment of contributions to the Trust Fund.
5. Contributions to the Trust Fund pursuant to paragraph 4 (a) may be paid in cash until 31 July 1991 or in instalments. For each contribution to be paid in quotas:
(a) When a participant agrees to pay its contribution, it shall deposit with the Trustee a contribution instrument that is substantially in accordance with the form included as Annex B to this Resolution ( Contribution>);
b) Each participant shall pay the Trustee the amount of his or her contribution in three equal annual instalments by 31 July 1991, 31 July 1992 and 31 July 1993, with the understanding that each participant listed in Part B of Annex A to this Resolution may pay the Trustee the amount of his or her contribution in cash, in eight equal annual instalments beginning on July 31, 1991 and ending on June 30, 1998, and being understood In addition, the Trustee and each Participant may agree to the payment on an earlier date;
c) The Trustee may agree to accept the deferred payment of a fee, or part thereof, if the amount paid, along with any unused balance of previous Participant payments, is at least equal to the amount that the Trustee considers that it will require that Participant to provide until the due date of the following quota to comply with the commitments under the Trust Fund;
d) If a Participant deposits with the Trustee an Instrument of Contribution after the date on which the payment of the first contribution is due, the payment of any or any part of the contribution to the Trustee shall be made within thirty days after the date of such deposit;
e) Payments will be made at the Participant's option: (i) in cash, under conditions agreed between the Participant and the Trustee which shall not be less favourable to the Trust Fund than the payment in accordance with subparagraph (II) of this paragraph (e), or (II) through the deposit of Similar obligations issued by the Government of the Participant or another official entity acceptable to the Trustee if the participant is not a member of the Bank, which shall be non-negotiable, shall not bear interest and shall be payable in the view in its value at par in the Trustee's account;
f) The Trustee shall convert cash or similar obligations into five equal annual instalments; it is understood that the Trustee may extend the period or the ratio of conversion into cash, and the Trustee and each Participant may agree on the conversion as of the previous date, as appropriate for the operation of the Trust Fund.
g) Each Participant shall call its contribution on special drawing rights (SDR) or a currency that is freely convertible as determined by the Trustee;
(h) The Participants shall make their payments in one of the currencies used for the valuation of the SDR, or by agreement with the Trustee in another freely convertible currency, and the Trustee may freely change the amounts received by the currencies that the same decides, and
i) Each Participant shall maintain, in respect of the currency paid to the Trustee, and the currency of such a country that it is derived, the same convertibility that existed at the date of entry into force of this Resolution.
6. For each contribution pursuant to paragraph 4 (b), the payment shall be made in accordance with the conditions under which such contributions are accepted by the Trustee.
Work program, resource allocation, reporting, and review.
7. The Trustee, after consultation with UNEP and the UNDP, will present to the Participants a work programme for the jointly examined and coherent Trust Fund, with an allocation of Trust Fund resources between the Trustee, the UNEP and UNDP on the basis of the work programme. The Trustee will present to the Participants half-yearly reports on the operations of the Trust Fund, including UNEP and UNDP reports, until all donations pursuant to paragraph 10 and co-financing of in accordance with paragraph 13 have been committed, and transfers to UNEP and UNDP have been made in accordance with paragraph 9. The reports will also provide information on the functioning of the Trust Fund for ozone layer defense projects. The Trustee shall convene meetings with the participants in order to examine the functioning of the Trust Fund and the co-financing arrangements on the basis of those reports. In view of the provisions on procedures for collaboration referred to in paragraph 20, UNEP and UNDP shall be invited to participate in such meetings. The Chairman of the Scientific and Technical Advisory Group for the Fund shall also be invited to attend the meetings and to inform the Participants. The Bank shall also report annually on the Fund's operations as part of the Bank's annual report to the Board of Governors.
Authority to make commitments and transfers.
8. The contributions will become available for commitments, or for transfers to UNEP and UNDP, according to the allocations pursuant to paragraph 7, to the receipt of the payment by the Trustee; it is understood, however, that the authority to commitments and transfers will be increased by the income derived from the investment of the resources held by the Trust Fund pending its disbursement, and will be diminished for the reimbursement of the administrative costs caused by the Trust Fund resources, as determined by the Trustee.
Operation and administration of the Trust Fund.
9. All amounts in respect of which the Trustee is authorized to make commitments under paragraph 8 shall be used by the Trustee to make donations from the resources of the Trust Fund (donations for the defense of the Fund). global environment, or donations) to qualified Bank member countries and other activities that promote the purposes of the Fund, in both cases, as determined by the Trustee, and all amounts in respect of which the Trustee is authorized to make transfers to UNEP and UNDP will be transferred as what has been agreed between the Trustee, UNEP and UNDP.
10. Donations to qualified member countries will be awarded as follows:
(a) Each donation shall be (I) approved and administered by the Trustee in accordance with the Bank's rules, and (II) granted for the purposes of a clearly identified global environmental operation, or part of an operation related to the global environment.
(b) Each donation shall be duly documented by a separate agreement between the Trustee and the beneficiary, indicating in particular that the resources have been provided by the Trust Fund.
c) Donations will be denominated in DEG.
11. The Trustee shall establish and maintain appropriate records and accounts for the Trust Fund and shall have its examination by auditors, in accordance with the Bank's rules. Pending the disbursement of the grants, the Trustee may invest the Trust Fund funds in various forms, including investments in common with other Bank or Trustee funds, or managed by them, according to what the Trustee has. Income from such investments shall be credited to the Trust Fund for the reasonable expenses incurred by the Management of the Trust Fund. The reimbursement will be made on the basis of cost estimates, subject to adjustment at the end of the year.
Termination of the Trust Fund.
12. The Trust Fund shall be terminated when the Bank so decides once all donations pursuant to paragraph 10 and co-financing under paragraph 13 have been committed, and transfers to UNEP and to the UNDP in accordance with paragraph 9, in which case the Trustee shall take all necessary measures to conclude its activities in an expeditious manner, in accordance with such decision. The decision shall also provide for the fate of any funds, assets and revenues held by the Trust Fund for its termination.
Co-financing provisions for the global environment.
13. The Trustee is hereby authorized to agree with the Participants and other parties of co-financing provisions for the purposes of this Resolution and subject to its terms. Such funding will be made:
a) In the amount and as specified in Annex A to this Resolution, and
(b) In additional amounts and in accordance with the provisions of paragraph 13 (a), except that such financing may also include debt instruments issued by a Member State that is possible the beneficiary or an entity of the territories of such a member, if the Trustee decides, with the consent of that member, that such contribution may be used for the purposes of the Fund.
14. Any co-financing made in accordance with paragraph 13 shall be administered by the Trustee solely for the purpose of providing grants and loans (co-financing for the defence of the global environment, or co-financing) in accordance with the Bank's rules and the provisions of this Resolution applicable to the Trust Fund. The co-financing arrangements shall determine the annual amounts available for commitments and it shall normally be expected that the donors or lenders under the co-financing arrangements shall reimburse the Bank for reasonable expenses. that the latter incurs the administration of the co-financing arrangements.
15.a) Normally the co-financing will be combined by the Trustee with donations as feasible, and will be made in accordance with the provisions of this Resolution applicable to the Trust Fund for the purposes of a (a) operation relating to the global environment clearly identified or for part of an operation related to the global environment.
(b) Each co-financing shall be documented by a separate arrangement in the case of loans between the lender and the borrower, and in the case of donations between the donor and the recipient, and shall be stipulated, as appropriate within of the context of the co-financing provision, that such co-financing will not be conditional on acquisitions, that the co-financing has been granted under the Fund, and that the payment of any amount under the agreement is not the obligation of the Bank or the Trustee.
(c) Co-financing shall be made in the name provided for in the co-financing provision under which the Trustee is authorised to administer it.
C) Creation of the Trust Fund for ozone layer defense projects.
16. The Trust Fund for Ozone Layer Defense Projects (FFDO) will be constituted by the funds expected to be received for the purposes referred to in paragraph D of the preamble of this Resolution and to be provided the Bank as agreed between the Bank and the Executive Committee of the Parties to the Montreal Protocol on substances that deplete the ozone layer (the Convention on Projects relating to the Ozone Layer), in addition to any other assets and revenues of the FFDO.
17. The Bank shall maintain and manage such funds, assets and income in trust (as a trustee of the FFDO), for the benefit of the Parties to the Convention on Ozone Layer Projects, and shall administer and use them. exclusively for that purpose, and in accordance with the provisions of this Resolution relevant to the FFDO and the Convention on Projects relating to the Ozone Layer, and shall keep them completely separate from all other assets and accounts of the Bank or managed by it.
18. The financing of the FFDO shall be granted for the purpose and in the form and conditions laid down in the Convention on projects relating to the ozone layer. Each financing shall be documented by a separate agreement stipulating, in particular, that the funding granted under that arrangement has been provided under that FFDO and that the payment of any amount according to the agreement is not the obligation of the Bank and the FFDO Trustee.
D) Other agreements.
19. The Bank is authorised to participate in other agreements and arrangements with countries parties to international conventions for the protection of the global environment, with international organisations and other entities in order to administer and direct financing for the purposes and in accordance with this Resolution.
E) Collaboration with other international organizations.
20. The Bank, within the terms of its Constitutive Convention and this Resolution, will collaborate with other international organizations and, in particular, adopt procedural provisions for such collaboration with UNEP and UNDP. substantially in the form set out in Annex C to this Resolution for the Trust Fund and in Annex D to this Resolution for the FFDO.
F) Amendments.
21. The Bank may amend the provisions of this Resolution after consultation with the Participants, except that, once the Convention on ozone-layer projects has entered into force, the amendment of any provision specifically relevant to the FFDO must be compatible with the terms of the Convention on projects relating to the ozone layer, as determined by the Bank.
G) Date of entry into force.
22. This Resolution shall enter into force on the date of its approval by the Executive Directors of the Bank. However, it is understood that the provisions of this Resolution relevant to the FFDO shall enter into force as provided for in this Resolution. Convention on projects relating to the ozone layer.
ANNEX A
Global Environment Facility
Contributions to the Global Environment Trust Fund
Million DEG (1)
Participants/Direct Contributions/Co-financing provisions; donation equivalents/Total
Part A:
Germany/110,05/-/110,05
Austria/26.05/-/26.05
Denmark/16.25/-/16.25
Spain/10.00/-/10.00
United States/-/109.49/109.49
Finland/20.44/-/20.44
France/114.33/-/114.33
Italy/65.10/-/65.10
Japan/7.32/100.00 (2)/107.32
Netherlands/37.74/-/37.74
Norway/19.57/-/19.57
UK/54.78/-/54.78
Sweden/24.54/-/24.54
Switzerland/29.67/10.33/40.00
Part B:
China/4.00/-/4.00
Egypt/4.00/-/4.00
India/4.00/-/4.00
Indonesia/4.00/-/4.00
Mexico/4.00//4.00
Pakistan/4.00/-/4.00
Turkey/4.00/-/4.00
Total/563.84/219,82/783.66
(1) On the basis of average exchange rates for the quarter ended September 30, 1990.
(2) According to the distribution of loans under Japan's normal co-financing conditions, the equivalent in donation (according to staff estimates), would be within the range of SDR 90,000,000 to SDR 110,000,000.
ANNEX B
Trust Fund for the Global Environment
Contribution Instrument
We refer to the Resolution number ... of the Executive Directors of the International Bank for Reconstruction and Development entitled
The Government of ... hereby notifies the Bank as a trustee of the Global Environment Trust Fund that, pursuant to paragraph 4 (a) of that Resolution, will provide the the contribution authorised for it in accordance with the terms of the Resolution in the amount of ...
... (Name and Charge) (1)
(1) The instrument must be signed on behalf of the Government by a duly authorized representative.
ANNEX C
Rules of Procedure between the International Bank for Reconstruction and Development (
Whereas the Global Environment Facility will be established at the World Bank to help protect the global environment and thereby foster successful and sustainable economic development. with regard to the environment;
Considering that the World Bank, UNEP and UNDP (individually the
Whereas the Agencies have adopted mutual procedural arrangements for cooperation and assistance in the protection of the ozone layer in the context of the Vienna Convention for the Protection of the Ozone Layer and of its Montreal Protocol on substances that deplete the ozone layer, and
Whereas the Agencies find it desirable to establish additional procedures for mutual collaboration, which will include a joint and coherent work programme of the Agencies for the Fund, as well as an allocation of the Trust Fund resources among themselves for that work programme.
Therefore, the Organizations agree the following:
1. Role of the Organisms.
The Agencies, in addition to their procedural arrangements for collaboration and assistance in the context of the Trust Fund for Ozone Layer (FFDO) projects, will also collaborate with the Participants and among themselves within the respective spheres of knowledge and the operational comparative advantage of the Agencies in order to promote the purposes of the Fund as follows:
a) UNEP, in its role as coordinator of global environmental conventions, will help ensure that the Fund's policies are consistent with existing conventions and other legal instruments and agreements It will provide scientific and technological guidance, establish and guide the Scientific and Technical Advisory Group for the Fund, and facilitate research and disseminate information on technological advances. relevant;
b) The UNDP will carry out pre-investment studies and technical assistance and training activities for policies, programmes and projects relating to the global environment, and
c) The World Bank (the Administrator) will manage the Fund, manage the project cycle for global environment-related investments, technical assistance and related training with support from the Fund's resources. Trust Fund, and will transfer to UNEP and UNDP the resources allocated to them
os according to paragraph 3.
2. Close collaboration.
Each Agency shall fulfil its role as described in paragraph 1 within the framework of a jointly examined and coherent work programme for the Bodies and in close mutual collaboration. In particular, each Body shall consult with each other before making proposals to the Participants for the purposes of the Trust Fund and each shall take due account of the views of the other Body.
3. Programme of activities and budgets.
In order to achieve complementarity, consistency and effectiveness in the light of the costs for the fulfilment of the functions of the bodies set out in paragraph 1, each Agency shall prepare its planned programme of activities after consultation with each of the other bodies. The Administrator shall present the Program of the Organisms to the Participants, including the specific plans of each Agency, with an allocation of Trust Fund resources among the Agencies on the basis of the program.
4. Information.
Each Agency shall keep each other informed regularly and appropriately and in a timely manner about its activities covered by these provisions as soon as it affects the other Body.
5. Representation of the Bodies.
Each Agency shall appoint a senior official and an alternate to comply with these provisions.
6. Meetings of the heads of the agencies.
The heads of the agencies, or their representatives, will have meetings each year at their annual meeting for the FFDO in order to examine the functioning of these provisions.
7. Amendments.
These provisions may be amended by agreement of the Organisms in writing on any date.
8. Termination.
The present provisions may be terminated by agreement of the Organisms in writing on any date, and shall be terminated with respect to any of the Organisms by written notification of such Body to each of the others.
9. Date of entry into force.
These provisions will take effect on the date of the last of the signatures listed below:
Date: ... For the International Bank for Reconstruction and Development.
Signed: ...
Date: ... For the United Nations Environment Programme.
Signed: ...
Date: ... For the United Nations Development Programme.
Signed: ...
ANNEX D
Rules of Procedure between the International Bank for Reconstruction and Development (
For collaboration and assistance in the protection of the ozone layer in the context of the Vienna Convention for the Protection of the Ozone Layer and its Montreal Protocol on Substances that deplete the Ozone Layer
Whereas the Parties to the Montreal Protocol on Substances that Deplete the Ozone Layer (the
Whereas the Parties have invited the World Bank, UNEP and UNDP (individually the
Whereas the bodies shall adopt individually specific provisions for cooperation with the Executive Committee on the basis of complementarity, coherence and effectiveness in the light of the costs of their activities; and
Considering that the Agencies find it desirable to establish additional procedures for mutual collaboration, which will include a jointly examined and coherent work programme of the Agencies that will be submitted to the Executive Committee.
Therefore, the Organizations agree the following:
1. Role of the Organisms.
The Organizations will accept the invitation of the Parties to collaborate with them and to assist them within the respective spheres of knowledge of the Organizations as follows:
(a) UNEP shall undertake to collaborate and assist in the promotion at the political level of the objectives of the Protocol, as well as in the functions of research, data collection and information exchange centre, which shall be identify below:
I) to assist Parties operating under the terms of paragraph 1 of Article 5 of the Montreal Protocol, through specific studies of countries and other technical cooperation tasks in order to identify their cooperation needs;
II) Facilitate technical cooperation to meet these identified needs;
III) Distribute, as provided for in Article 9 of the Montreal Protocol, relevant information and materials, and organise courses, training sessions and other related activities for the benefit of the Parties developing countries, and
IV) Facilitate and monitor other multilateral, regional and bilateral cooperation activities that are available to the Parties that are developing countries.
b) The UNDP will carry out feasibility and pre-investment studies as well as other technical assistance activities, and
(c) The World Bank shall manage and direct the programme of the Parties to finance the agreed incremental cost of compliance by qualified developing countries with the Protocol's control measures.
2. Close collaboration.
Each Agency shall fulfil its role as described in paragraph 1 within the framework of a jointly examined and coherent work programme for the Bodies and in close mutual collaboration. In particular, each Agency shall consult each other before making proposals to the Parties or to the Executive Committee on matters of interest to the other Body, and shall take due account of the views of the other Body.
3. Activities and budgets programmes.
Each Agency shall prepare, after consultation with each of the other Agencies, a schedule of planned activities together with a budget for the performance of its function as described in paragraph 1. In order to achieve complementarity, consistency and effectiveness in the light of the costs of such activities, such plans shall be examined by the heads of the bodies, or their representatives, at their annual meeting in accordance with paragraph 6. After its annual meeting, each Body will present its proposal to the Executive Committee.
4. Information.
Each Agency shall keep each other informed regularly and appropriately and in a timely manner about the activities covered by these provisions as soon as it affects the other Body.
5. Representatives of the Bodies.
Each Agency shall appoint a senior official and an alternate to comply with these provisions.
6. Meetings of the heads of the agencies.
The heads of the Organisms or their representatives shall have meetings each year within the ninety days preceding the annual meeting of the Parties in order to examine the functioning of these provisions and to coordinate subsequently the work of the Organisms as necessary.
7. Amendments.
These provisions may be amended by agreement of the Organisms in writing on any date.
8. Termination.
The present provisions may be terminated by agreement of the Organisms in writing on any date, and shall be terminated with respect to any of the Organisms by written notification of such Body to each of the others.
9. Date of entry into force.
These provisions will take effect on the date of the last of the signatures listed below:
Date: ... For the International Bank for Reconstruction and Development.
Signed: ...
Date: ... For the United Nations Environment Programme.
Signed: ...
Date: ... For the United Nations Development Programme.
Signed: ...
