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:

On the occasion of the Board of Governors held in Brazzaville in 1985, there was a need for a new increase in the social capital of the African Development Bank, which would effectively respond to economic problems. to which the African continent was facing, after the economic and food crisis unleashed in 1983.

On 11 June 1987, the Board of Governors of the African Development Bank adopted, by Resolution B/BG/87/11, an agreement to triple the social capital of the institution which will thus pass 5,400 million units. The total number of new shares issued at 16.2 billion, with a nominal value of 10,000 units of account each, was created.

Spain, which has been a member of the African Development Bank since March 1984 (Law 20/1983 of 26 November, authorizing the participation of Spain in the African Development Bank) with 2,624 shares, may to subscribe in the new offer 5,248 more shares, in the proportion of 328 shares payable and 4,290 shares payable.

The general policy of maintaining the presence and relative weight of our country in this type of multilateral institutions in which membership cannot be measured only with commercial criteria, advises that Spain maintain the same percentage of shareholding that it has already been holding in the past (0.49 per 100), by subscribing to the entire share of shares that have been offered to it.

This Law is intended to authorize the participation of Spain in the aforementioned increase in capital.

Article first.

The government is authorized to sign, on behalf of Spain, the 5,248 new shares of the African Development Bank, issued at par with a nominal value of 10,000 units of account each, corresponding to Spain in the capital increase approved by Resolution number B/BG/87/11 of the Board of Governors of that institution, which is published as an appendix to this Law.

Article 2.

One. The Government is also authorized to choose, in accordance with the Resolution cited in the previous article, to name its payments in Special Drawing Rights or US dollars. As provided for in this Resolution, the payments concerned shall be distributed in five equal annual instalments, being applicable for each disbursement, the average exchange rate corresponding to the 30 calendar day period, which shall precede seven to date. of the first payment and the next four anniversaries of the payment.

Two. In accordance with the above Resolution, the first instalment of each subscription shall expire after 60 days after the deposit of the subscription instrument of the Member State. The second term and the following will expire on the date of the anniversary of the payment made in the first year.

Third item.

The Bank of Spain is hereby authorized to, in accordance with Article 21 of Decree-Law 18/1962 of 7 June, on the nationalization and reorganization of the Bank of Spain, and other existing provisions on the subject, disbursements necessary for the payment of the said subscription.

ADDITIONAL PROVISIONS

First.

The Ministers for Foreign Affairs and Economic Affairs and Finance are hereby authorised to adopt, within the framework of their respective powers, how many measures are necessary for the implementation of this Law.

Second.

The Government is authorised to make technical amendments that are mandatory under agreements adopted in the Governing Bodies of the African Development Bank.

FINAL DISPOSITION

This Law will enter into force the day after its publication in the "Official State Gazette".

Therefore,

I command all Spaniards, individuals and authorities, to keep and keep this Law.

Palacio de la Zarzuela, Madrid, 3 April 1989.

JOHN CARLOS R.

The President of the Government,

FELIPE GONZÁLEZ MARQUEZ

APPENDIX

Resolution number B/BG/87/11 on the general increase in the social capital of the African Development Bank.

Adopted by the Board of Governors, by correspondence vote, on June 11, 1987.

THE BOARD OF GOVERNORS

having regard to Articles 5, 6, 7 and 29 of the Agreement on the establishment of the African Development Bank (hereinafter referred to as the "ADB Agreement");

Recognising the need to increase the authorised social capital of the African Development Bank (hereinafter referred to as "the Bank");

recalling its resolution B/BG/85/09, inviting the President of the Bank to undertake, in close collaboration with the Board of Directors, studies aimed at formulating recommendations for the needs of The Bank's resources for the period 19871991;

recalling its Resolution B/BG/86/03 on the establishment of an ad hoc Committee to examine the studies and proposals of the President and the Board of Directors and to make recommendations to the with respect;

Having examined the report of the said ad hoc Committee and, in particular, its main recommendations, conclusions and related observations (Document ADB/ZC/GCIIV/86/23/Rev. 2);

Accepts and adopts the ad hoc Committee's report as a basis for a substantial increase in the Bank's share capital and therefore decides the following:

1. Level of authorised capital

1.1 By this Resolution, it is agreed to increase the Bank's authorized social capital from 5,400,000,000 units of account to 16,200,000,000 units of account, by creating 1,080,000 new shares with a nominal value of 10,000 units of account each.

2. Award of the shares

2.1 The new actions thus created will be offered for subscription between the regional and non-regional Member States in a proportion of two regional actions for each non-regional action awarded; a minimum of 720,000 shares for subscription between regional Member States and a maximum of 360,000 for subscription between non-regional Member States.

2.2 The new shares thus created will be distributed between disbursed shares and undisbursed shares in proportion to 6.25 per 100 for fully disbursed shares and 93.75 per 100 for non-equity shares. disbursements (15 undisbursed shares for each issued share issued), and therefore, since the entry into force of this Resolution, 12,5 per 100 of the Bank's authorised social capital and subscribed by each member shall be constituted by paid-up shares and by an 87,5 per 100 of undisbursed shares.

2.3 Each Member State shall be awarded a fraction of the total shares which the State has the right to subscribe, equivalent to the ratio between the number of shares it has subscribed to immediately before the entry into force. in force of this Resolution and the total number of shares subscribed by the group to which that State belongs, as set out in the Annex to this Resolution.

3. Subscriptions

3.1 To subscribe to the paid-up fraction of the share capital, in accordance with this Resolution and without prejudice to the provisions of paragraph 3.4, each Member State shall deposit an instrument of subscription under which it accepts, under the conditions set forth in this Resolution, the award made in its favour, and promises to pay the corresponding amount according to the form of payment chosen, specified in this Resolution. Where, exceptionally, the subscription agreement cannot be granted by a State due to its legislative practices, the Bank may accept a subscription agreement in which it is stipulated that the subscription is linked to an allocation. budget.

3.2 As regards the subscriptions of the undisbursed fraction and without prejudice to the provisions of paragraph 3.4, the subscription instrument shall ensure the unreserved commitment of the Member State to respond to the any redemption request made by the Bank in accordance with the provisions of the ADB Agreement. This guarantee, without prejudice to paragraph 5.3, shall be deemed to be all effects as an effective, full and immediate subscription of the overall fraction of the undisbursed shares awarded to the Member State.

3.3 The paid-up fraction of any share award, or any part thereof, shall only be deemed to be effectively subscribed when the payment has been made to the Bank of that fraction or the part of the in respect of any part of the paid-up fraction whose payment is to be made, in the terms of this Resolution, by means of promissory notes, the deposit in the Bank of a promissory note shall be deemed, without prejudice to the provisions of paragraphs 5.1 and 5.3, as payment of the fraction to which the value of the payment in question corresponds.

3.4 In the exceptional case that the unreserved commitment provided for in paragraph 3.2 above cannot be adopted by a Member State due to its legislation, the Bank may accept a subscription instrument including the Reserve by virtue of which the payment of the still unexpired part of the subscription is subject to the adoption by the legislative power of that State of a text relating to the necessary budgetary allocation. For the purposes of this Resolution, such a subscription shall be referred to as a subscription with reservations, and shall only be converted into an effective and unreserved subscription where the Member State notifies the Bank that the text relating to the allocation has been adopted. required budget.

3.5 No Member State is required to subscribe to any of the increases authorised by this Resolution. However, the subscriber Member State may only subscribe to the share capital fractions to be disbursed or the non-disbursements in the proportions referred to in paragraph 2.2 above.

3.6 Without prejudice to the provision concerning subscriptions with reservations provided for in the previous paragraph, all actions which are not subscribed to within four years of the entry into force of this Resolution, as well as all paid-up shares whose voting rights remain suspended for four years for non-payment and the corresponding undisbursed shares subscribed under the provisions of paragraphs 2.2 and 3.2 above, remain open for subscription to all Member States belonging to the same group the Member State whose shares are concerned, without prejudice to the provisions of Article 6 (2) of the BAD Agreement. In the award of these actions, absolute priority will be given to the needs of the new Member States of the Bank, both regional and non-regional, respecting, without prejudice to the above mentioned priority considerations, the priority and the award criteria established in 1982 in the Regulation on the transfer of shares, as amended.

4. Payment

Evaluation of subscriptions.

4.1 The payment of the subscribed shares subscribed under this Resolution shall be made, at the choice of the Member States subscribing:

(i) at the rate of 12,063.50 U.S. dollars per share;

(ii) at the rate of 10,000 SDRs per share, with the conversion of the SDR into the different currencies at the average exchange rate (rounded to six figures) in force in the 30 days preceding the date of subscription, excluding the the last seven days of that period in the case of the first payment, or the day of payment in the case of subsequent payments.

Regional payments.

4.2 Regional Member States shall pay the paid-up fraction of the shares awarded to them as follows: 50 per 100 cash payable in five equal annual instalments, in currency or currencies freely convertibles to be chosen by the Member State, and 50 per 100 by the deposit of five non-negotiable and non-interest-bearing notes of equal value expressed in the Bank's unit of account; each of these instruments shall be made effective between the sixth and the tenth year following the subscription, in convertible currencies, according to a calendar precise. All debt instruments issued in accordance with the provisions of this paragraph shall be deposited before the end of the first year following the subscription.

Non-regional payments.

4.3 Non-regional Member States shall pay the paid-up fraction of the shares awarded to them, either in five equal annual shares in their national currency where it is freely convertible or payable to the national currency. view expressed in some freely convertible currency which may be made effective upon request.

4.4 The first part of each subscription shall be sold after 60 days after the deposit of the Member State's subscription instrument. The second part and the following will expire on the date of the anniversary of the payment made in the first year.

5. Vote

5.1 Member States shall be entitled to exercise the voting rights corresponding to each of the parts of the paid-up share capital when the payment has been made to that party; (a) the voting rights shall be awarded both to the part payable in cash and to the set of shares the payment of which may be made by paying the shares in accordance with the provisions laid down in the paragraph 4.2 of this Resolution.

5.2 Voting rights shall be awarded to the shares of the entire fraction to be released when the corresponding subscription, whether it is a subscription with reserves or not, is made pursuant to paragraph 3.2, and when the payment of the first part of the paid-up fraction of the subscribed capital of which the paying fraction is part is effected in the form set out in paragraph 4 of this Resolution, and in the case of the regional Member States, where have deposited in accordance with the provisions of paragraph 4.2 all the notes necessary for the purpose of the payment of the paid-up fraction of the capital.

5.3 Voting rights shall be awarded to all shares, in the ratio established between the paid-up shares and the undisbursed shares referred to in paragraph 2.2 of this Resolution; namely, 15 votes for the shares non-paid-up shares and one vote for each paid-up share; however, in the event that the cash payment of the paid-up shares is delayed, or where an effective date cannot be made on its due date a payment to the deposited view by a Member State for the payment of the shares paid out, the corresponding voting rights the non-paid-up shares which have been awarded to that Member State, in the proportion referred to in this paragraph, shall be suspended until the full payment is made.

6. Pace of payment

If, during the implementation of the provisions of this Resolution, payments are received at a rate likely to significantly alter the relationship between the actions of the regional Member States and those of the Non-regional Member States (two thirds/one third party), the Management Board may request all non-regional Member States to suspend their payments until a sufficient number of payments have been made. (i) regional, so that, with the receipt of non-regional payments, the cited relationship.

7. Maintaining the value

As soon as this Resolution enters into force, the Board of Directors shall address to the Board of Governors recommendations regarding the determination of the value of the Bank's capital, as the World Bank has recently adopted a decision on the assessment of its capital.

8. Application of the 1982 Regulation on the transfer of shares

Without prejudice to the provisions of paragraph 3 of this Resolution, and to the extent necessary to give effect to the spirit of those provisions, the Board of Directors shall apply the Transfers of Shares of 1982 (amended version), to the shares issued under this Resolution and to all other shares in the Bank's share capital, each time they are created and issued. The 1982 Action Transfer Regulation (amended version) shall be effective from the date of entry into force of this Resolution and shall constitute an Annex to this Resolution.

9. Entry into force

This Resolution shall enter into force on the date on which the relevant conditions laid down in Article 5 (3) of the Bank's Creation Agreement are fulfilled. Unless this Resolution includes an express provision to the contrary, the Board of Directors, in close cooperation with the President of the Bank, shall fix the date or dates more appropriate for the application of the various provisions of the Resolution and, in particular, for the award of the actions to be issued pursuant to the provisions of the Resolution, with all the necessary powers to do so.

AFRICAN DEVELOPMENT BANK

State of Social Capital Allocation AGC-IV based on the status of subscriptions on 31-12-1986

		Current Actions	Percentage of Group	New Actions	Dispaid Actions	Undisbursed Actions
1.	Algeria	17,972	5,111	36,800	2,300	34,500
2.	Angola	5,968	12,208		763	763	763	11.445
3.	Benin	1.156	2.368		148	2.220
4.	Botswana	3,772	1,073	7.728	483	7.245
5.	Burkina Faso	1.068	0.304	2.192	137	2.055
6.	Burundi	1,972	0,561	253		3.795
7.
	.	Cameroon	8.096	2,302	16,576	1,036	15,540
	8.	Cape Verde	552	0.157	1.136	71	1,065
9.	764		0.217	1.568	98	1,470
	10.	Chad	1,688	0.480	3,456	216	3.240
11.	Comoros	200	0.057	416	26	390
12.	Congo	2,876	0.818	5,904	369	13
	Coast	14,952	4,252	30,608	1,913	28,695
14.	Djibouti	552	1.136		71	1.065
		30,440	8.657	62,320	3.895	58,425
16.	Equatorial Guinea	456	0,130	944	59	885
17.	Ethiopia	9.468	2,693	19,376	1.211	18.165
	18.	Gabon	5.492	1.562	11.232	702	10.530
	19.	Gambia	828	0.235	1,696	106	1,590
20.	Ghana	12.976	2.690	26,560	1,660	24,900
	21.	Guinea Bissau	776	0.221	1,600	100
22.	Guinea	0,771		5,568	348	348	23
Kenya	23.	Kenya	Der" >8.632	2.455	17,664	1.104	16,500
24.	Lesotho	904	1,856		116	116	25
Liberia	4.176	4.176	1.188	8,544	534	8.010
26.	Libya	25,804	52,832		3.302	49,530
27.	Madagascar	3,856	1.097	7,888	493	7.395
28.	Malawi	2.140	0.609	274	274	4.110
.			Mali	1,776	0.505	228	3.420
	3.420		.	Mauritania	1,312	0.373	2.688	168	2,520
.	Mauritius	3,836	1,091	7,856	7.365	7.365		32.	Morocco	18.468	5,252	37.808	2.363	35,445
33.	Mozambique	1.067		7.696	481	481	34
Niger	34.	2,964	0.843	6,080	380	35.
Nigeria	52,832	15,025	108,176	6,761	101,415
36.	992	992	992	992	992	992	992	2,032		127	1,905
37.	São Tomé and Príncipe	552	0.157	1.136	71	1,065
38.	Senegal	6.096	1,734	12.480	780	11,700
39.	Seychelles	552	0.157	71		1,065
.		40.		40. Zant_table_izq"> Sierra Leone	2.380	0.677	4,880	305	4,575
41.	Somalia	1,980	0,563	4,064	254	3,810
42.	Sudan	9.040	2,571	18.496	1.156	17.340
43.	Swaziland	0,561		4,048	253	3,795
44.	Tanzania	2,135		15.360	960	14,400
45.	Togo	0,477		3.440	215	46
Tunisia	8,300	8,300	8,300		2.360	16,992	1.062	15,930
47.	Uganda	4,456	9.120		570	8.550
		Zaire	24.012	6.828	49.152	3.072	46.080
		13.140	3,737	26,896	1,681	25,215
50.	Zimbabwe	13,780	3,919	28,208	1,763	26,445
	Total Regional Member States	351,624	100,000	720,000	45,000	675,000

Note: The award of the shares pursuant to AGC-IV is in accordance with the decision of the Board of Directors that orders the rounding of the shares for the benefit of the small shareholders in the event that such shares, calculated based on the percentage of subscriptions on 31-12-1986, are not exactly divisible by 16.

AFRICAN DEVELOPMENT BANK

State of Social Capital Allocation ACC-IV based on the status of subscriptions on 31-12-986

		Current Actions	Percentage of Group	New Actions	Dispaid Actions	Undisbursed Actions
1.	Argentina	1,996	1,109	4,000	250	2.
Austria	1,996	1.996	4,000		250	250	3.
Belgium	2,872		1,596	5,744	359	5.385
		1,996	4,000		250	3,750
		16,800	9,333	33,600	2,100	31,500
		5,000	2.778	10,000	625	9.375
7.	Denmark	5.180	2.878	10.352	647	9.705
	8.	Finland	2.188	1,216	4,368	273	4,095
	.	France	16,800	9,333	33,600	2,100	31,500
10.	German Federal Republic.	18,444	10,246	36,800	2.305	3575
	11.	India	1,000	0,556	2,000	125	1,875
12.	Italy	10.832	6.018	21.664	1.354	20.310
13.	Japan	24,568	13,648	49.136	46.065
14.
		14.	Korea		1,109		4,000	250	15.
Kuwait	15.			1,109		4,000	250
		3.412	3,412	3.4s	1,896	6,816	426	17.
Norway	5.180	5.180	10,352		647	9,705
18.	Portugal	1,008	0,560	2.016	126	1,890
19.	Saudi Arabia	1,300	0.722	2.608	163	2,445
20.	Spain	2,624	1,458	328	4,920
.	Sweden	6,912	3.840	13,824	864	12.960
	22.	Switzerland	6.560	3.644	13,120	820	12,300
23.	UK	7.524	4.180	15.040	940	14,100
.	EE. UU.	29,820	16,566	59,632	3,727	55,905
25.	Yugoslavia	1,966	4,000		4,000	4,000	250	3,750
	Total Non-Regional Member States	180,000	100,000	360,000	22,500	337,500
	Total	531,624	-	1,080,000	67,500	1.012,500