African Development Bank

An Act of Parliament to provide for the carrying out of the obligations of Kenya arising under the Articles of Agreement establishing the African Development Bank, and to provide for matters related thereto

1. Short title

This Act may be cited as the African Development Bank Act.

2. Interpretation

In this Act, except where the context otherwise requires, "Minister" means the Minister for the time being responsible for Finance.

3. Financial provision

(1)

There shall be charged on and paid out of the Consolidated Fund without further appropriation than this Act all payments required to be made from time to time by the Government to the Bank under the terms of the Bank Agreement.

(2)

For the purpose of providing any sums required for making payments under this section, the Minister may, on behalf of the Government, make such arrangements as are necessary, or may raise loans by the creation and issue of securities bearing such rates of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and the principal and interest of such securities and the charges and expenses incurred in connexion with their issue shall be charged on and paid out of the consolidated fund.

(3)

Any moneys received by the Government from the Bank, or raised under subsection (2) of this section, shall be paid into and form part of the Consolidated Fund and shall be available in any manner in which the Consolidated Fund is available.

4. Certain provisions of Agreement to have force of law

The provisions of the Bank Agreement set out in the Schedule to this Act shall have the force of law in Kenya: Provided that nothing in the Bank Agreement shall be construed as—

(i)

entitling the Bank to import goods free of customs duty without any restriction on their subsequent sale in Kenya; or

(ii)

conferring on the Bank any exemption from duties or taxes which form part of the price of the goods sold; or

(iii)

conferring on the Bank any exemption from duties or taxes which are in fact no more than charges for services rendered.