§ Mr. Corbettasked the Minister of Overseas Development if she will make a statement regarding the United Kingdom's proposed membership of the Inter-American Development Bank.
§ Mrs. HartSubject to the articles of agreement of the bank being amended by the governors of the bank to allow countries outside the Western Hemisphere to be members, Her Majesty's Government intend to apply for membership with a share subscription of US$61,595,886 of the value established on 18th October 1973, of which $10,157,410 would be paid-in, the rest callable. This capital subscription would be subject to the prior approval of the House of Commons, to be given under the Overseas Aid Act 1968, and a draft statutory instrument to secure this will be laid in due course. It is also intended to contribute US$61,595,886 to the Fund for Special Operations of the bank.
It is proposed that half the paid-in capital of the bank, and the whole of the contribution to the Fund for Special Operations, should be in the form of non-interest-bearing non-negotiable notes encashable by the bank as required for its operations or to meet its liabilities. The notes would be deposited in three equal annual instalments, and the first would probably not be deposited until 1976.