Title and introductory text
2025 No. 848
INTERNATIONAL DEVELOPMENT
The Inter-American Investment Corporation (Further Payments to Capital Stock) Order 2025
Made
7th July 2025
Coming into force
8th July 2025
The Secretary of State makes this Order in exercise of the powers conferred by section 11(4) of the International Development Act 2002 (“the Act”) for the purposes of approving a payment under section 11(3) of the Act.
Section 11 of the Act provides that where the Government of the United Kingdom becomes bound to make a relevant payment to a multilateral development bank the Minister may make the relevant payment and other associated payments specified in section 11(3).
Section 11(4) of the Act provides that section 11(3) applies to a payment only if it is approved by an order made by the Treasury, or by the Secretary of State with the approval of the Treasury.
In accordance with section 11(5) of the Act, a draft of this Order has been laid before the House of Commons and approved by resolution of that House.
Propose a change1 Citation and commencement
This Order may be cited as the Inter-American Investment Corporation (Further Payments to Capital Stock) Order 2025 and comes into force on the day after the day on which it is made.
Propose a change2 Interpretation
In this Order—
“the Corporation” means the Inter-American Investment Corporation established by an agreement dated 19th November 1984 and ratified by the Government on 1st March 2023;
“the Government” means the Government of the United Kingdom; and
“the Resolution” means Resolution CII/AG-5/24 entitled ‘New Vision and Business Model for the Inter-American Investment Corporation: Capitalization Proposal and Implementation Plan’ adopted by the Board of Governors of the Corporation on 10th March 2024.
Propose a change3 Relevant payments
In accordance with section 11 of the International Development Act 2002, the Secretary of State may, on behalf of the Government—
(a) make a further subscription to the increased authorised capital stock of the Corporation not exceeding 106,000,000 United States Dollars in accordance with the Resolution and arrangements made between the Government and the Corporation,
(b) make payment of sums required to maintain the value of the payment mentioned in paragraph (a) in accordance with the Resolution and arrangements made between the Government and the Corporation, and
(c) make payment of sums required to redeem any non-interest bearing and non-negotiable notes or other obligations which may be issued or created by the Secretary of State and accepted by the Corporation pursuant to the arrangements referred to in paragraph (a).
Propose a change