The Inter-American Development Bank, which was created in a thousand nine hundred and fifty-nine, aims to help accelerate the process of economic and social development, individual and collective, of the member countries in the development of the American continent.

The Inter-American Development Bank has decided to admit extra-regional countries into its bosom, for which it has taken the necessary actions to modify its Constitutive Convention. These amendments have been the subject of negotiations with the governments that have expressed their desire to join.

The Spanish government considered that Spain could not be absent from an institution dedicated to promoting the development of the peoples with which so many historical and cultural ties unite it. Accordingly, it provided that representatives of its representatives were present, from the outset, in the negotiations which have been held in recent years for the admission of non-continental countries.

On the other hand, the Government also considered that the Spanish participation should not be limited to a level that it would keep, with respect to the relative importance of the economy of the countries that aspired to join the Bank. Inter-American Development, a merely equitable proportion, but the previously mentioned factors justified a particularly intense effort. Indeed, the agreements of the Council of Ministers of 14 September of a thousand nine hundred and seventy-three and six December of a thousand nine hundred and seventy-four authorized, in principle, the Minister of Finance to negotiate the accession of Spain, The Bank of the United States, in its capacity to participate, in the concept of subscription of interregional capital and contribution to the Fund for Special Operations, at its maximum of one hundred and twenty-three million dollars from the United States, the peso and the law in force agreement with the variation of the parity of this currency in eighteen of October thousand nine hundred and seventy three.

result of these negotiations was the Declaration of Madrid of 17 December of a thousand nine hundred and seventy-four, in which the representatives of the governments of the extra-regional countries expressed their determination to ask for to their respective legislative powers, as soon as possible and as from the date of the said Declaration, to authorize the entry of their States as members. This implies that, without waiting for the amendment of the Constitutive Convention to enter into force formally, the non-regional countries must speed up all their constitutional procedures in order to present the instruments of ratification of their entry as soon as the aforementioned modification becomes effective.

In its virtue, and in accordance with the Law approved by the Spanish Courts, I come to sanction:

Article first.

The participation of Spain in the Inter-American Development Bank is approved, the Constitutional Convention of which was decided to modify by Resolution of its Board of Governors dated twenty-one of May of one thousand nine hundred and seventy-five five. The amended Constitutive Convention is currently subject to ratification by the various countries concerned.

Article 2.

The initial participation of Spain in the inter-regional capital of the Inter-American Development Bank will be sixty-one million five hundred and ninety-five thousand eight hundred and eighty-six dollars from the United States, law in force according to the variation of the parity of this currency in eighteen of October of one thousand nine hundred and seventy three (equivalent to fifty-one million dollars of the United States of the weight and law in force in one of January of a thousand nine hundred and fifty-nine). Of the total amount of the initial participation, ten million fifty-seven thousand four hundred ten dollars, correspond to the inter-regional capital payable in cash, and fifty-one million four hundred and thirty-eight thousand four hundred Seventy-six dollars, to inter-regional capital payable in accordance with Article II A, Section three, c), of the said Constitutive Convention.

The subscription of the inter-regional capital shall be made in the terms and conditions provided for in Section 2 of the Resolution of the Board of Governors of the Inter-American Development Bank on " General Standards for the Admission of Extractive Countries as Bank Members. "

The government will need to send to the Cortes, for approval, a new Bill of Law for the assumption that the initial participation of Spain in the inter-regional capital of the Inter-American Bank will be extended. Development.

Third item.

Spain will participate in the Special Operations Fund of the Inter-American Development Bank with the sum of sixty-one million five hundred and ninety-five thousand eight hundred and eighty-six dollars of the United States, of the peso and law in force according to the variation of the parity of this coin in eighteen of October of one thousand nine hundred and seventy-three. This participation shall be carried out in accordance with the terms and conditions laid down in Section 3 of the Resolution referred to in the previous Article.

Article 4.

The Bank of Spain is authorized, in accordance with the contents of Decree two thousand seven hundred and ninety-nine/thousand nine hundred and sixty-nine, of fourteen of November, to apply, on a freely convertible basis, the Pesetas that are necessary for the payment of the aforementioned contributions.

Article 5.

The Bank of Spain is designated as depositary of the availabilities in pesetas and other assets of the Inter-American Development Bank, in accordance with the provisions of Section 4 of Article XIV of the Constitution of the Inter-American Development Bank.

Article 6.

The Ministries of Finance and Foreign Affairs are hereby authorized to take all measures necessary for the implementation of this Law.

Item seventh.

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

Dada en Madrid a fourteen de june de mil novehundred seventas y six.

JOHN CARLOS

The President of the Spanish Courts,

TORCUATO FERNANDEZ-MIRANDA AND HEVIA