Commonwealth Numbered Regulations - Explanatory Statements

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INTER-AMERICAN DEVELOPMENT BANK (PRIVILEGES AND IMMUNITIES) REGULATIONS 2003 2003 NO. 230

Statutory Rules 2003 No. 230

Issued by the authority of the Minister for Foreign Affairs

International Organisations (Privileges and Immunities) Act 1963

Inter-American Development Bank (Privileges and Immunities) Regulations 2003

Section 13 of the International Organisations (Privileges and Immunities) Act 1963 (the Act) provides that the Governor-General may make regulations for the purposes of the Act.

The Regulations confer upon the Inter-American Development Bank (IDB) juridical personality and legal capacity to enable it to exercise its powers and perform its functions in Australia.

The IDB is an international development organisation, established by agreement amongst its founding member countries in December 1959. The purpose of the IDB is to further the economic and social development of its borrowing member countries in Latin America and the Caribbean. The IDB participates in Australian domestic capital markets.

Australia is not a member country of the IDB however section 12A of the Act provides that juridical personality and legal capacity may be conferred on an organisation where the organisation is established by an instrument to which 2 or more countries are parties.

The regulations commence on gazettal.