The Governments on whose behalf this Agreement is signed,
Determined to strengthen African solidarity by means of economic cooperation between African States,
Considering the necessity of accelerating the development of the extensive human and natural resources of Africa in order to stimulate economic development and social progress in that region,
Realizing the importance of co-ordinating national plans of economic and social development for the promotion of the harmonious growth of African economies as a whole and the expansion of African foreign trade and, in particular, inter-African trade,
Recognizing that the establishment of a financial institution common to all African countries would serve these ends,
Convinced that a partnership of African and non-African countries will facilitate an additional flow of international capital through such an institution for the economic development and social progress of the region, and the mutual benefit of all parties to this Agreement,
2.
In cases of default in respect of a loan made out of borrowed funds or guaranteed by the Bank as part of its ordinary operations, the Bank may, if it believes that the default may be of long duration, call an additional amount of such callable capital not to exceed in any one year one per cent of the total subscriptions of the members, for the following purposes:
a. To redeem before maturity, or otherwise discharge, its liability on all or part of the outstanding principal of any loan guaranteed by it in respect of which the debtor is in default; and
Inhoudsopgave
Agreement Establishing the African Development Bank
- CHAPTER I. PURPOSE, FUNCTIONS, MEMBERSHIP AND STRUCTURE
- CHAPTER II. CAPITAL
- CHAPTER III. OPERATIONS
+ CHAPTER IV. BORROWING AND OTHER ADDITIONAL POWERS
+ CHAPTER V. ORGANIZATION AND MANAGEMENT
+ CHAPTER VI. WITHDRAWAL AND SUSPENSION OF MEMBERS; TEMPORARY SUSPENSION AND TERMINATION OF OPERATIONS OF THE BANK
+ CHAPTER VII. STATUS, IMMUNITIES, EXEMPTIONS AND PRIVILEGES
+ CHAPTER VIII. AMENDMENTS, INTERPRETATION, ARBITRATION
+ CHAPTER IX. FINAL PROVISIONS
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