NBS Bank Plc and National Bank of Malawi Plc (Lake Malawi Water Supply Project) Loan (Authorization) Act, 2023

Act 20 of 2023

Citation
Act 20 of 2023
Date
21 April 2023
Language
English
Type
Act
Publication
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Malawi

NBS Bank Plc and National Bank of Malawi Plc (Lake Malawi Water Supply Project) Loan (Authorization) Act, 2023

Act 20 of 2023

An Act to authorize the Government of the Republic of Malawi, of the one part to borrow from NBS Bank Plc as Lead Arranger, Lender and Agent, National Bank of Malawi et al as Lender, of the other part, for a loan not exceeding one hundred and five billion Kwacha (MK105,000,000,000)ENACTED by the Parliament of Malawi as follows—

1. Short title

This Act may be cited as the NBS Bank Plc and National Bank of Malawi Plc (Lake Malawi Water Supply Project) Loan (Authorization) Act, 2023.

2. Authority to borrow K105,000,000,000

(1)The Minister of Finance, on behalf of the Government of the Republic of Malawi (the “Government), is hereby authorized to borrow from NBS Bank Plc, National Bank of Malawi Plc et al, a sum not exceeding in the aggregate, the sum of one hundred and five billion Kwacha (K105,000,000,000) (the “Loan”).
(2)The Loan shall be applied for the purpose specified in section 3, at the times and on the terms and conditions which the Minister may, in his discretion, agree with NBS Bank Plc, National Bank of Malawi Plc et al.
(3)The terms and conditions which the Minister, may agree with NBS Bank Plc, National Bank of Malawi Plc et al shall be reduced to writing and such written agreement is hereinafter referred to as the “Loan Agreement”.

3. Application of the Loan

The proceeds of the Loan authorized by section 2 shall be appropriated and applied for the purpose of providing financing for the Lake Malawi Water Supply Project, and for no other purpose.

4. Repayments charged on the Consolidated Fund

Any payments required to be made, from time to time, by the Government to NBS Bank Plc, National Bank of Malawi Plc et al, under and in accordance with the provisions of the Loan Agreement, are hereby charged on the Consolidated Fund.

5. Exemption from taxes, charges, etc

All sums to be paid in accordance with section 4 shall, notwithstanding the provisions of any other written law, be paid without deductions for, and free from, any tax or charge whatsoever, and shall be free from all restrictions or limitations imposed by or under any written law of Malawi.

6. Finalization and signature of the Loan Agreement

The Minister of Finance is hereby authorized to—
(a)settle the terms of the Loan Agreement, but not so as to affect the general purpose thereof, nor to increase the amount of the Loan;
(b)sign the Loan Agreement on behalf of the Government; and
(c)do such other things as may be necessary to implement the terms of the Loan Agreement.
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History of this document

21 April 2023 this version
Commenced
18 April 2023
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Cited documents 0

Documents citing this one 1

Gazette 1
1. Malawi Government Gazette supplement dated 2024-05-31 number 3C