Development Act (Amendment of Schedule) Regulations, 2023

L.N. 265 of 2023

MALTA MEMBERSHIP OF THE EUROPEAN BANK FOR

RECONSTRUCTION AND DEVELOPMENT ACT

(CAP. 347)

Malta Membership of the European Bank for Reconstruction and

Development Act (Amendment of Schedule) Regulations, 2023

IN EXERCISE of the powers conferred by article 6 of the Malta

Membership of the European Bank for Reconstruction and

Development Act, the Minister responsible for finance has made the

following regulations:-

The title of these regulations is the Malta Membership of Citation.

the European Bank for Reconstruction and Development Act

(Amendment of Schedule) Regulations, 2023 and these regulations

shall be read and construed as one with the Schedule of the Malta Cap. 347.

Membership of the European Bank for Reconstruction and

Development Act, hereinafter referred to as "the Schedule".

The Schedule shall be amended as follows

Amends the

Schedule.

(a) Article 1 thereof shall be substituted by the following

new article

"Article 1

PURPOSE

In contributing to economic progress and

reconstruction, the purpose of the Bank shall be to foster

the transition towards open market-oriented economies

and to promote private and entrepreneurial initiative in

the Central and Eastern European countries committed to

and applying the principles of multiparty democracy,

pluralism and market economics.

Subject to the same conditions, the purpose of the

Bank may also be carried out in (i) Mongolia; (ii)

member countries of the Southern and Eastern

Mediterranean; and (iii) a limited number of member

countries of sub-Saharan Africa; in each case under (ii)

and (iii) as determined by the Bank upon the affirmative

vote of not less than two-thirds of the Governors,

representing not less than three-fourths of the total voting

power of the members. Accordingly, any reference in this

Agreement and its annexes to "Central and Eastern

European countries", "countries from Central and Eastern

Europe", "recipient country (or countries)" or "recipient

member country (or countries)" shall refer to Mongolia

and each of such countries of the Southern and Eastern

Mediterranean and sub-Saharan Africa as well."; and

(b) paragraph 1 of Article 12 thereof shall be substituted

by the following new paragraph

"1. The Board of Directors shall establish and

maintain appropriate limits with respect to capital adequacy

metrics, in order to protect the financial soundness and

sustainability of the Bank.".

€0.18