General Loans (International Bank) Act

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
REPUBLIC OF ZAMBIA
THE GENERAL LOANS (INTERNATIONAL BANK) ACT
CHAPTER 365 OF THE LAWS OF ZAMBIA
CHAPTER 365 THE GENERAL LOANS (INTERNATIONAL BANK) ACT
THE GENERAL LOANS (INTERNATIONAL BANK) ACT
ARRANGEMENT OF SECTIONS
Section
1. Short title
2. Interpretation
3. Power to borrow from International Bank
4. Application of sums borrowed
5. Repayment of sums borrowed and payment of interest and other charges
6. Implementation of agreements
7. Construction of borrowing powers
CHAPTER 365
GENERAL LOANS (INTERNATIONAL BANK) 35 of 1966
An Act to empower the Government to raise loans in foreign currency from the
International Bank for Reconstruction and Development; and to provide for
connected matters.
[16th September, 1966]

loans in foreign currency from the
International Bank for Reconstruction and Development; and to provide for
connected matters.
[16th September, 1966]

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
1. This Act may be cited as the General Loans (International Bank) Act. Short title
2. In this Act, unless the context otherwise requires- Interpretation
"foreign currency" means currency other than the currency of Zambia;
"International Bank" means the International Bank for Reconstruction and
Development. 3. (1) The Minister may, in such manner and on such terms and subject to such
conditions as he thinks fit, and in the name of Zambia, borrow from the International Bank
such sums in foreign currency as may be required by the Government. Power to borrow from
International Bank
(2) For the purpose of exercising the powers conferred by subsection (1), the
Minister, or any person authorised by him in writing, may sign and execute agreements
with the International Bank and may execute such other instruments, including bonds, as
may be required in connection with the borrowing of any sums under this Act. (3) As soon as practicable after any agreement has been concluded with the
International Bank under this Act, the Minister shall lay a copy of the agreement before the
National Assembly. 4.

reement has been concluded with the
International Bank under this Act, the Minister shall lay a copy of the agreement before the
National Assembly. 4.

Any sums borrowed under the powers conferred by this Act shall be applied to
the purposes specified in the agreement concluded with the International Bank in respect
of the sums so borrowed or to such other purposes as may be agreed between the
Minister or any person authorised by him in writing and the International Bank. Application of sums
borrowed
5. There shall be paid out of the general revenues of the Republic such moneys as
may be necessary-
(a) for securing the repayment of the principal of any sum borrowed under this
Act in accordance with the terms and conditions of any agreement
providing for such borrowing or of any bond issued pursuant to any such
agreement; and
(b) for securing the payment of interest on any sum so borrowed and of all
other charges payable in respect thereof. Repayment of sums
borrowed and payment
of interest and other
charges
6.

st on any sum so borrowed and of all
other charges payable in respect thereof. Repayment of sums
borrowed and payment
of interest and other
charges
6.

(1) Notwithstanding anything contained in any written law, the Minister may
exercise all such powers and authorities and do or cause to be done all such things as
appear to him to be necessary for giving full and complete effect to any agreement which
may be entered into with the International Bank in respect of any borrowing authorised by
this Act. Implementation of
agreements

o any agreement which
may be entered into with the International Bank in respect of any borrowing authorised by
this Act. Implementation of
agreements

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
(2) The Government or any agency of the Government (hereinafter referred to as
the borrower) shall not, without the consent of the Minister, create any lien on any of its
assets as security for any loan repayable in foreign currency or for any guarantee given by
it in respect of any loan repayable in foreign currency unless it is expressly provided that
the lien will ipso facto equally and rateably secure the payment of the principal of, and
interest and other charges on, any loan made by or any bond issued pursuant to any loan
made by the International Bank to any of the aforesaid borrowers, whether or not the latter
loan was made to the borrower who desires to create the lien. (3) In this section-
"agency of the Government" includes a local authority and the Bank of Zambia or
any other statutory corporation;
"assets" includes revenues and property of any kind;
"lien" includes mortgages, pledges, charges, privileges and priorities of any kind. 7. The power to borrow conferred by this Act shall be in addition to the power to
borrow conferred by any other written law.

d priorities of any kind. 7. The power to borrow conferred by this Act shall be in addition to the power to
borrow conferred by any other written law.

Construction of
borrowing powers