Adb Article Of Agreement

  • Novembre 28, 2020

Explicitly state the currency in which all payments to the Bank are made under the contract in question. However, at the borrower`s choice, these payments can still be made in convertible currency or, subject to the bank`s agreement, in another currency; and in the event of a dispute between the bank and a former member or between the bank and a member after the bank ceases operations, this dispute is referred to an arbitration tribunal of three arbitrators. Each party appoints an arbitrator and the two arbitrators so appointed appoint the third, who is the president. If, within 30 days of the arbitration application, a party has not appointed an arbitrator or if the third arbitrator has not been appointed within a fortnight of the appointment of two arbitrators, one of the parties may ask the President of the International Court of Justice or any other authority imposed by the regulations adopted by the Governing Council. to appoint an arbitrator. The procedure is set by the arbitrators. However, the third arbitrator has full authority to resolve all procedural issues in the event of disagreement with them. A majority of arbitrators is sufficient to make a final and binding decision for the parties. The Bank has an international personality in its own right to fulfill its objective and the tasks entrusted to it. To this end, it can enter into agreements with members, third countries and other international organizations. To this end, the Bank enjoys, on the territory of each member, the status, immunities, immunities and privileges covered in this chapter. Loans to the Bank under this article are paid by the Bank at an interest rate equal to the average interest rate paid by the Bank for its special fund borrowings for one year prior to the conclusion of the loan agreement.

This rate cannot exceed a maximum rate set from time to time by the Governing Council. CONSIDERING that the Asian Development Bank and the agreement reached on 4 December 1965 on the establishment of the Asian Development Bank are an organization and an agreement, as has been said above: authorize the conclusion of general cooperation agreements with the authorities of African countries that have not yet achieved independent status or general cooperation agreements with African governments that have not yet become members of the Bank. , as well as such agreements with other governments and other international organizations; Inviolability, immunity, facilities, immunities, privileges or rights under an international agreement that the state or government intends to join or become in respect of them have and enjoy in the State: . . If the funds to be borrowed are to be included in its ordinary capital, the Bank has, if necessary, obtained the agreement of the members covered in the letters (i) and (ii) so that the proceeds can be exchanged without restriction for another currency; Notwithstanding paragraph 1 of this article, the voting majorities in Article 3, paragraph 3, can only be changed by the majorities of the votes mentioned in it.