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African Export-Import Bank (Membership of Zimbabwe and Branch Office Agreement) Bill, 2005 [H.B. 2, 2005]
October 14, 2005

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Published in the Government Gazette on 14th October, 2005

African Export-Import Bank (Membership of Zimbabwe
and Branch Office Agreement) Bill, 2005 [H.B. 2, 2005]

MEMORANDUM

This Bill will enable legal force to be given in Zimbabwe to the Agtreement for the Establishment of the African Export-Import Bank ("Afreximbank"), which was concluded in Abidjan on May 8, 1993, and of which the Government of Zimbabwe is a signatory. It further incorporates into Zimbabwean domestic law the Agreement between Afreximbank and the Government of Zimbabwe concerning the location in Harare of Afreximbank's first branch office, together with the memorandum of understanding concerning the occupancy of a temporary branch office by Afreximbank and the transfer to Afreximbank of title to a parcel of land in Harare for the construction of is permanent branch office.

Presented by the Minister of Finance.


BILL

To enable effect to be given within Zimbabwe to the Agreement for the Establishment of the African Export-Import Bank and the Agreement between the African Export-Import Bank and the Government of the Republic of Zimbabwe concerning the Location of the Branch Office of the African Export-Import Bank; and to provide for matters incidental to or connected therewith.

WHEREAS the Agreement for the Establishment of the African Export-Import Bank (hereinafter called "the Bank") was concluded on May 8, 1993, among certain African States and International Organisations (hereinafter called "the Bank Agreement"), including Zimbabwe, by virtue of which Zimbabwe became a member of the Bank;

AND WHEREAS by Article VI of the Bank Agreement it is provided that each member State shall take all legislative action under its national law and all administrative measures as are necessary to enable the Bank to effectively fulfil its purpose and carryout the functions entrusted to it and that, in particular, it shall accord to the Bank, in its territory, the status, immunities, exemptions, privileges, facilities and concessions set forth in the Bank Agreement;

AND WHEREAS by Article V of the Bank Agreement the Bank shall establish branch offices in the territories of African countries selected by the Board of Directors of the Bank;

AND WHEREAS at the General Meeting of Shareholders of the Bank held at Abuja, Federal Republic of Nigeria, on October 27 and 28, 1993, it was decided to locate the first Branch Office of the Bank in Harare, Zimbabwe, at a date to be determined by the Board of Directors;

AND WHEREAS the Board of Directors of the Bank at its 10th Meeting held on July 20, 1995, decided to open the Branch Office of the Bank in Harare, Zimbabwe, on July 1, 1996;

AND WHEREAS by Article V.4 of the Bank Agreement it is provided that the State in whose territory a branch office is to be located shall sign with the Bank, and take all necessary measures to make effective in its territory, an agreement regarding the location of the branch office:

NOW, THEREFORE, be it enacted by the President and the Parliament of Zimbabwe as follows:—

1 Short title
This Act may be cited as the African Export-Import Bank (Membership of Zimbabwe and Branch Office Agreement) Act, 2005.

2 Interpretation
In this Act—

"Bank" means the African Export-Import Bank ("Afreximbank") established by the Bank Agreement;

"Bank Agreement" means the Agreement for the Establishment of the African Export-Import Bank ("Afreximbank") signed in Abidjan, Ivory Coast, by African States and certain International Organisations on the 8th of May, 1993;

"Branch Office Agreement" means the agreement regarding the location of the branch office of the Bank concluded in accordance with Article V.4 of the Bank Agreement;

"Memorandum of Understanding" means the Memorandum of Understanding between the Government of the Republic of Zimbabwe and the Bank concerning—

(a) the grant of the use and occupancy of a temporary Branch Office of the Bank and related facilities until such time as the Bank constructs a permanent Branch Office building, and related facilities; and
(b) the transfer by the Government of the Republic of Zimbabwe of title to a parcel of land in Harare, Zimbabwe, to the Bank for the construction of the permanent Branch Office of the Bank;
"Minister" means the Minister of Finance or any other Minister to whom the President may, from time to time, assign the administration of this Act.

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