{
  "id": "zw-2005-10",
  "type": "statute",
  "title": "African Export-Import Bank (Membership of Zimbabwe and Branch Office Agreement) Act",
  "title_en": "African Export-Import Bank (Membership of Zimbabwe and Branch Office Agreement) Act",
  "short_name": "zw-2005-10",
  "status": "in_force",
  "issued_date": "2005-01-01",
  "in_force_date": "2005-01-01",
  "url": "https://zimlii.org/akn/zw/act/2005/10/eng@2016-12-31",
  "provisions": [
    {
      "provision_ref": "s1",
      "section": "1",
      "title": "Short title",
      "content": "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 6 of 2006 ]"
    },
    {
      "provision_ref": "s2",
      "section": "2",
      "title": "Interpretation",
      "content": "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— (a) 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 (b) 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."
    },
    {
      "provision_ref": "s3",
      "section": "3",
      "title": "Provisions of Bank Agreement to have force of law",
      "content": "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— (a) entitling the Bank to import goods free of customs duty without any restriction on their subsequent sale; or (b) [proviso repealed by Act 6 of 2006 ] (c) conferring on the Bank any exemption from taxes which are in fact no more than charges for public utility services which are payable by other international organisations situated or represented in Zimbabwe."
    },
    {
      "provision_ref": "s4",
      "section": "4",
      "title": "Branch office Agreement and Memorandum of Understanding to have force of law",
      "content": "4. Branch office Agreement and Memorandum of Understanding to have force of law The provisions of the Branch Office Agreement and the Memorandum of Understanding set out in the Second and Third Schedules shall have the force of law in Zimbabwe."
    },
    {
      "provision_ref": "s5",
      "section": "5",
      "title": "Minister 's powers",
      "content": "5. Minister 's powers The Minister may make such regulations and give such directions as he may deem necessary or convenient for the carrying out of the objects and purposes of this Act. First Schedule (Section 3) Selected provisions of the Bank Agreement Article VIII – Immunity of property and assets 1. The property and assets of the Bank wherever located and by whomsoever held shall be immune from: (a) search, requisition, expropriation, confiscation, nationalisation and all other forms of seizure, taking or foreclosure by executive or legislative action; and (b) seizure, attachment or execution before the delivery of final judgment or award against the Bank. 2. Without prejudice to the provisions of paragraph 1 of this Article, the property and assets of the Bank shall be subject to due legal processes and judicial action taken by ordinary courts of competent jurisdiction. 3. For the purpose of this Article and Article IX of this Agreement, the term “property and assets of the Bank” shall include property and assets owned or held by the Bank in the ordinary course of business. Article IX – Freedom of property, assets and operations from restriction 1. To the extent necessary to implement the purpose of the Bank and carry out its functions, each Participating State shall waive, and refrain from imposing, any administrative, financial or other regulatory restrictions that are likely to hinder in any manner the smooth functioning of the Bank or impair its operations. 2. To this end, the Bank, its property, assets, operations and activities shall be free from restrictions, regulations, supervision or controls, moratoria and other legislative, executive, administrative, fiscal and monetary restrictions of any nature. Article X – Immunity of archives The archives of the Bank and, in general, all documents belonging to, or held by the Bank shall be inviolable wherever located, except that the immunity provided for in this Article shall not extend to documents required to be produced in the course of judicial or arbitral proceedings to which the Bank is a party or proceedings arising out of transactions concluded by the Bank. Article XI – Privilege for communications Official communications of the Bank shall be accorded by each Participating State the same treatment and preferential rates that it accords to the official communications of international organisations. Article XII – Personal immunities, privileges and exemptions 1. All representatives, the President, Vice-Presidents, Directors, Alternate Directors, officers and employees of the Bank and consultants and experts performing missions for the Bank: (i) shall be immune from legal process with respect to acts performed by them in their official capacity; (ii) shall be accorded the same immunities from immigration restrictions and alien registration requirements, and, not being local nationals, shall be accorded the same immunities from national service obligations and the same facilities as regards exchange regulations, as are accorded by each Participating State to representatives, officials and employees of comparable rank of other states or international organisations; and (iii) where they are not resident nationals, shall be granted the same treatment in respect of travelling facilities as is accorded by Participating States to representatives, officials and employees of comparable rank of other states or international organisations. 2. The President, Vice-Presidents, officers and employees of the Bank: (i) shall be immune from personal arrest or detention, except that this immunity shall not apply to civil liability arising from a road traffic accident or to a traffic offence; and (ii) shall be exempt from any form of direct or indirect taxation on salaries, emoluments, indemnities and pension paid by the Bank. Article XIII – Waiver or immunities and privileges The immunities and privileges provided in this Agreement are granted in the interest of the Bank and may only be waived, to such extent and upon such conditions as the Board of Directors of the Bank shall determine, in cases where such a waiver would not, in its opinion, prejudice the interests of the Bank. The President of the Bank shall have the right and the duty to waive the immunity of any officer, employee, consultant or expert of the Bank in cases where, in his opinion, the immunity would impede the course of justice and can be waived without prejudice to the interests of the Bank. In similar circumstances and under the same conditions, the Board of Directors shall have the right and duty to waive the immunity of the President or any Vice-President, Director or alternate Director of the Bank. Article XIV – Exemption from taxation 1. The Bank, its property, assets, income, operations and transactions shall be exempt from all taxation and customs duties. The Bank, and its receiving, fiscal and paying agents, shall be exempt from any obligation relating to the payment, withholding or collection of any tax or duty out of funds owned by, or otherwise appertaining to, the Bank. 2. Without prejudice to the generality of the provisions of paragraph 1 of this article, each Participating State shall take all necessary action to ensure that the property and assets of the Bank, its capital, reserves and dividends, loans, credits, guarantees, securities, and other investments and transactions, interest, commissions, fees, profits, gains, proceeds or realisation and other income, return and moneys of any kind, accruing, appertaining or payable to the Bank from any source shall be exempt from all forms of taxes, duties, charges, levies, and imposts of any kind whatsoever, including stamp duty and other documentary taxes, heretofore levied or hereafter imposed in its territory. 3. The provisions of paragraphs 1 and 2 of this article shall be applied without prejudice to the right of the Participating States to tax their residents in the manner each state deems appropriate. Article XV – Fiscal exemptions, financial facilities, privileges and concessions 1. The Bank shall be accorded by each Participating State a status not less favourable than that of a non-resident corporation, and shall enjoy all fiscal exemptions, financial facilities, privileges and concessions granted to international organisations, banking establishments and financial institutions by the Participating States. 2. Without prejudice to the generality of the provisions of Article XI and paragraph 1 of this Article by reason of the following enumeration, the Bank may freely and without any restriction, but to the extent necessary to implement its purpose and carryout its functions, set forth in the Charter: (i) carry on all forms of banking business and financial services authorised under the Charter; (ii) purchase, hold and dispose of national currencies; (iii) purchase, hold and dispose of convertible currencies, securities, bills of exchange and negotiable instruments, and transfer the same to, from or within the territory of any Participating State; (iv) open, maintain and operate accounts in national currencies in the territories of the Participating States; (v) open, maintain and operate convertible currency accounts in the territories and outside the territories of the Participating States; (vi) raise funds and make loans in convertible currencies, provided that it shall seek the consent of the Participating State in whose market it intends to raise funds; and (vii) carry out any operation authorised under the Charter. Second Schedule (Section 4) Branch Office Agreement Preamble The African Export-Import Bank and the Government of the Republic of Zimbabwe; CONSIDERING the Agreement for the establishment of the African Export-Import Bank (hereinafter called the “Bank”) concluded on May 8, 1993, among certain African States and International Organisations (hereinafter referred to as the “Bank Agreement”); HAVING REGARD TO the Charter of the Bank; RECALLING the decision of"
    }
  ],
  "definitions": [
    {
      "term": "Bank",
      "definition": "Bank ” means the African Export-Import Bank (“Afreximbank”) established by the Bank Agreement",
      "source_provision": "s2"
    },
    {
      "term": "Bank Agreement",
      "definition": "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",
      "source_provision": "s2"
    },
    {
      "term": "Branch Office Agreement",
      "definition": "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",
      "source_provision": "s2"
    },
    {
      "term": "Memorandum of Understanding",
      "definition": "Memorandum of Understanding ” means the Memorandum of Understanding between the Government of the Republic of Zimbabwe and the Bank concerning— (a) 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 (b) 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",
      "source_provision": "s2"
    }
  ]
}