AFRICAN EXPORT-IMPORT BANK (MEMBERSHIP OF ZIMBABWE AND BRANCH OFFICE AGREEMENT) ACT (CHAPTER 22:17)

CHAPTER 22:17

AFRICAN EXPORT-IMPORT BANK (MEMBERSHIP OF ZIMBABWE AND BRANCH OFFICE AGREEMENT) ACT

Acts 10/2005, 6/2006.

AN ACT 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.

[Date of commencement : 24th March, 2006.]

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 [Chapter 22:17].

[Section amended by Act 10 of 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—

• 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
• 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.

                       3    Provisions of Bank Agreement to have force of law

All the provisions of the Bank Agreement shall have the force of law in Zimbabwe, including in particular (but without prejudice to the generality of the foregoing) the provisions set out in the First Schedule: Provided that nothing in Article XIV of the Bank Agreement shall be construed as—

• entitling the Bank to import goods free of customs duty without any restriction on their subsequent sale; or
• ….