Finance (african development (bank and fund) and miscellaneous provisions) act 2018

• Act Number: 40
• Enactment Date: 26 December 2018

Number 40 of 2018
FINANCE (AFRICAN DEVELOPMENT (BANK AND FUND) AND MISCELLANEOUS PROVISIONS) ACT 2018
CONTENTS
PART 1
Preliminary and General
1. Short title
2. Definitions
PART 2
African Development Bank
3. Approval of terms of Bank Agreement
4. Financial and other provisions: Bank
PART 3
African Development Fund
5. Approval of terms of Fund Agreement
6. Financial and other provisions: Fund
PART 4
Miscellaneous amendments
7. Amendment of International Finance Corporation Act 1958
8. Amendment of section 851A of Taxes Consolidation Act 1997
SCHEDULE 1
Agreement Establishing the African Development Bank
SCHEDULE 2
Agreement Establishing the African Development Fund
Acts Referred to
Freedom of Information Act 2014 (No. 30)
International Finance Corporation Act 1958 (No. 22)
Taxes Consolidation Act 1997 (No. 39)
Number 40 of 2018
Finance (African Development (Bank and Fund) and Miscellaneous Provisions) Act 2018
An Act to provide for the approval of the terms of the Agreement Establishing the African Development Bank; to provide for the approval of the terms of the Agreement Establishing the African Development Fund; to provide for payments under those agreements; to amend the International Finance Corporation Act 1958 and the Taxes Consolidation Act 1997 ; and to provide for related matters.
[26th December, 2018]
Be it enacted by the Oireachtas as follows:
PART 1 Preliminary and General
		Short title
1. This Act may be cited as the Finance (African Development (Bank and Fund) and Miscellaneous Provisions) Act 2018.
		Definitions
2. In this Act—
	“Bank” means the African Development Bank established by the Bank Agreement;
	“Bank Agreement” means—
	(a) the Agreement Establishing the African Development Bank, the text of which, for ease of reference, is set out in Schedule 1, and
	(b) any amendments to that Agreement that are approved by Dáil Éireann pursuant to Article 29.5.2° of the Constitution;
	“Fund” means the African Development Fund established by the Fund Agreement;
	“Fund Agreement” means—
	(a) the Agreement Establishing the African Development Fund, the text of which, for ease of reference, is set out in Schedule 2, and
	(b) any amendments to that Agreement that are approved by Dáil Éireann pursuant to Article 29.5.2° of the Constitution;
	“Minister” means the Minister for Finance.
PART 2 African Development Bank
		Approval of terms of Bank Agreement
3. (1) The terms of the Bank Agreement are hereby approved.
	(2) Where Dáil Éireann has approved, pursuant to Article 29.5.2° of the Constitution, an amendment to the Bank Agreement, the Minister shall, as soon as may be thereafter, cause notice of such approval to be published in Iris Oifigiúil.
		Financial and other provisions: Bank
4. (1) Payments under the Bank Agreement in respect of subscription to the Bank, as and when such payments become appropriate to be made on behalf of the State, shall be made out of the Central Fund or the growing produce thereof.
	(2) Any moneys received on behalf of the State from the Bank shall be placed to the credit of the account of the Exchequer and shall—
	(a) form part of the Central Fund, and
	(b) be available in any manner in which the Central Fund is available.
	(3) The Central Bank of Ireland shall act as a depository for the holdings in euro and other assets of the Bank.
	(4) This section shall come into operation on the day on which the State becomes a member of the Bank in accordance with the terms of the Bank Agreement.
PART 3 African Development Fund
		Approval of terms of Fund Agreement
5. (1) The terms of the Fund Agreement are hereby approved.
	(2) Where Dáil Éireann has approved, pursuant to Article 29.5.2° of the Constitution, an amendment to the Fund Agreement, the Minister shall, as soon as may be thereafter, cause notice of such approval to be published in Iris Oifigiúil.
		Financial and other provisions: Fund
6. (1) Payments under the Fund Agreement in respect of subscription to the Fund, as and when such payments become appropriate to be made on behalf of the State, shall be made out of the Central Fund or the growing produce thereof.
	(2) Any moneys received on behalf of the State from the Fund shall be placed to the credit of the account of the Exchequer and shall—
	(a) form part of the Central Fund, and
	(b) be available in any manner in which the Central Fund is available.
	(3) The Central Bank of Ireland shall act as a depository for the holdings in euro and other assets of the Fund.
	(4) This section shall come into operation on the day on which the State becomes a member of the Fund in accordance with the terms of the Fund Agreement.
PART 4 Miscellaneous amendments
		Amendment of International Finance Corporation Act 1958
7. The International Finance Corporation Act 1958 is amended—
	(a) in section 1, in the definition of ‘the Agreement’, by inserting “, and any amendments to the agreement that are approved by Dáil Éireann pursuant to Article 29.5.2° of the Constitution” after “in the Schedule to this Act”, and
	(b) in section 2—
	(i) by designating that section as subsection (1), and
	(ii) by inserting after subsection (1) the following subsection:
	“(2) Where Dáil Éireann has approved, pursuant to Article 29.5.2° of the Constitution, an amendment to the Agreement, the Minister for Finance shall, as soon as may be thereafter, cause notice of such approval to be published in Iris Oifigiúil.”.
		Amendment of section 851A of Taxes Consolidation Act 1997
8. Section 851A of the Taxes Consolidation Act 1997 (No. 39 of 1997) is amended by inserting after subsection (9) the following subsection:
	“(9A)Nothing in this section shall prevent the due disclosure in the course of duties of taxpayer information by an official of the Department of Finance to the Information Commissioner where the disclosure is required pursuant to the Freedom of Information Act 2014 .”.
SCHEDULE 1
Section 2
Agreement Establishing the African Development Bank
Signed on the fourth day of August nineteen hundred and sixty-three, in Khartoum, Sudan, by twenty-three African Governments, and entered into force on the tenth day of September nineteen hundred and sixty-four when twenty member countries subscribed sixty-five per cent of the initial authorized capital stock.
Amended:
(1) On the seventh day of May nineteen hundred and eighty-two, following the entry into force of Resolution 05-79 adopted by the Board of Governors at Abidjan, Côte d’Ivoire on the seventeenth day of May nineteen hundred and seventy-nine.
(2) On the first day of September nineteen hundred and ninety-four, following the entry into force of Resolution B/BG/92/06 adopted by the Board of Governors at Dakar, Senegal on the thirteenth day of May nineteen hundred and ninety-two.
(3) On the second day of May nineteen hundred and ninety-eight, following the entry into force of Resolution B/BG/97/05 adopted by the Board of Governors at Abidjan, Côte d’Ivoire on the twenty-ninth day of May nineteen hundred and ninety-seven.
(4) On the thirtieth day of September nineteen hundred and ninety-nine, following the entry into force of Resolution B/BG/98/04 adopted by the Board of Governors at Abidjan, Côte d’Ivoire on the twenty-ninth day of May nineteen hundred and ninety-eight.
(5) On the fifth day of July two thousand and two, following the entry into force of Resolution B/BG/2001/08 adopted by the Board of Governors at Valencia, Spain on the twenty-ninth day of May two thousand and one.
NOTA BENE:
References in this Agreement to a particular gender shall be applicable to the other gender.
PREAMBLE
THE GOVERNMENTS on whose behalf this Agreement is signed,
DETERMINED to strengthen African solidarity by means of economic co-operation between African States,
CONSIDERING the necessity of accelerating the development of the extensive human and natural resources of Africa in order to stimulate economic development and social progress in that region,
REALIZING the importance of co-ordinating national plans of economic and social development for the promotion of the harmonious growth of African economies as a whole and the expansion of African foreign trade and, in particular, inter-African trade,
RECOGNIZING that the establishment of a financial institution common to all African countries would serve these ends,
CONVINCED that a partnership of African and non-African countries will facilitate an additional flow of international capital through such an institution for the economic development and social progress of the region, and the mutual benefit of all parties to this Agreement,
CHAPTER I
PURPOSE, FUNCTIONS, MEMBERSHIP AND STRUCTURE
ARTICLE 1
Purpose
The purpose of the Bank shall be to contribute to the sustainable economic development and social progress of its regional members individually and jointly.
ARTICLE 2
Functions
1. To implement its purpose, the Bank shall have the following functions:
a. To use the resources at its disposal for the financing of investment projects and programmes relating to the economic and social development of its regional members, giving special priority to:
i. Projects or programmes which by their nature or scope concern several members; and
ii. Projects or programmes designed to make the economies of its members increasingly complementary and to bring about an orderly expansion of their foreign trade;
b. To undertake, or participate in, the selection, study and preparation of projects, enterprises and activities contributing to such development;
c. To mobilize and increase in Africa, and outside Africa, resources for the financing of such investment projects and programmes;
d. Generally, to promote investment in Africa of public...