PROTOCOL RELATING TO THE DEVELOPMENT FUND OF THE NIGER BASIN
Source: http://www4.worldbank.org/afr/ssatp/Resources/HTML/legal_review/Annexes/...
The High Contracting Parties:
In pursuance of the objectives of the Act of Niamey dated 26 October, 1963 relating to Navigation and Economic Co-operation among Member States of the Niger Basin and the Convention creating the Niger Basin Authority;
Considering the new orientation of activities of the Authority towards concrete projects of development;
Recognizing the necessity to provide and finance the development projects of the Authority through its own resources;
Determined to reinforce and develop the economic co-operation among their countries for the welfare of their peoples:
Therefore agreed as follows:
Chapter I GENERAL PROVISIONS
Article 1 CREATION
1. It is created a Development Fund for the aim of contributing to the development of the Niger Basin.
2. All member States of the Authority are also members of the Fund.
Article 2 FUNCTIONS
The Fund shall undertake the following activities:
1. Collection of financial resources necessary for the implementation of the objectives of the Authority.
2. Guarantee loans for the implementation of projects.
Chapter II THE RESOURCES
Article 3 VALUE AND RESOURCES
1. The value shall be fixed every year and shall be calculated on the approved capital expenditure in the following year.
2. The resources shall be from:
(a) Contributions of member States;
(b) External resources mobilised for operations of the Fund;
(c) Gifts and grants;
(d) Trust Fund;
(e) Any income from the Fund's operations.
Article 4 UNIT OF ACCOUNT
The Unit of Account in which the Budget of the Fund is determined is the Special Drawing Right of the International Monetary Fund.
Chapter III OPERATIONS
Article 5 METHODS OF OPERATIONS
The Fund shall be guided by sound banking principles. In conformity with its objectives, the Fund shall facilitate the financing of regional projects and shall help to promote development in the member States.
Chapter IV ORGANIZATION AND MANAGEMENT
Article 6 ORGANS OF THE FUND
The organs of orientation, decision and management of the Fund are:
- The Board of Directors;
- The Executive Secretariat.
Article 7 THE COUNCIL OF MINISTERS
1. The Board of Directors of the Fund is the Council of Ministers of the Niger Basin Authority.
2. The powers of the Fund shall remain with the Board of Directors. In particular, the Board of Directors shall formulate general directives concerning the policy of the Fund in matters of expenditure.
3. The Board of Directors may assign some powers to the Executive Secretary.
4. The Financial Controller of the Fund is the same as that of the Executive Secretariat of the Authority.
Article 8 THE EXECUTIVE SECRETARY
The Executive Secretary is the accounting Officer for the management of the Fund. He shall negotiate different transactions of the Fund. He is responsible to the Board of Directors of the Fund.
Chapter V THE FINANCIAL PROVISIONS
Article 9 FINANCIAL YEAR
The financial year shall be from 1st January to 31st December of each year.
Chapter VI WITHDRAWAL
Article 10 WITHDRAWAL
The withdrawal of a member State shall be in conformity with the provisions of the Convention creating the Authority.
Chapter VII CESSATION OF ACTIVITIES
Article 11 CESSATION
1. The Board of Directors may by consensus propose to the Summit of Heads of State and Government to put an end to the Fund's activities.
2. The Board of Directors shall take necessary steps towards putting an end to the activities of the Fund upon notification by the Summit.
Chapter VIII OTHER PROVISIONS
Article 12
1. The amendment, interpretation, arbitration, relations with the other Inter-african and International Establishments shall be in accordance with the Convention establishing the Authority.
2. This Protocol shall enter into force under the same condition stipulated in the Convention creating the Niger Basin Authority of which it will be an integral part.
In witness whereof, we, the Heads of State and Government of the Niger Basin Authority, have signed this Convention.
Made at Faranah, this 21st Day of November 1980 in single original in the English and French languages, both texts being equally authentic.
