Statute of the African Investment Bank
- [This is the version of this document at 2 February 2010.]
Article 1 – DefinitionsIn this Statute, except otherwise indicated, the following shall mean:"Act" means the Constitutive Act of the African Union;"Assembly" means the Assembly of Heads of State and Government of the African Union;"Bank" means the African Investment Bank of the African Union;"Board" means the Board of Directors of the Bank;"Commission" means the Commission of the African Union;"Court" means the African Court of Justice and Human Rights;"Diaspora" means people of African origin living outside the continent, irrespective of their citizenship and nationality and who are willing to contribute to the development of the continent and the building of the African Union;"Executive Council" means the Executive Council of Ministers of the African Union;"General Assembly" means the General Assembly of the Bank;"General Convention" means the General Convention on Privileges and Immunities of the African Union;"Investment Project" means any public or private project that contributes to the integration or development of the Continent;"Low-Income Country" means a country whose gross domestic product per capita was less than or equal to US$765 in 1995;"Member State" means a Member State of the African Union;"Members" means State parties and natural and moral persons which subscribe to shares of the Bank;"President" means the President of the Bank;"Protocol" means the Protocol on the African Investment Bank;"Senior Officials" means Vice-Presidents and category of Officials specify by the Bank;"Shareholders" means State Parties and other entities that have subscribed to the shares of the Bank;"State Parties" means the Member States that have ratified or acceded to the Protocol;"Statute" means this Statute;"Subscription" means the amount of shares held by a Member State;"Union" means the African Union established by the Act;"Vice President" means an Executive Vice President of the Bank.
Article 2 – Establishment of the Bank
Article 3 – Purpose of the BankThe purpose of the Bank shall be to foster economic integration and development through investment in development projects in line with the objectives of the Union.
Article 4 – Functions of the Bank
Article 5 – Headquarters of the Bank
Article 6 – Membership
Capital and resources of the Bank
Article 7 – Authorized capital stock
1: Initial capital stock
2: Subscription of shares
2A: Subscription of "A" sharesEach State Party shall subscribe to the "A" shares in accordance with the provisions outlined in Article 7 Section 2(1) from the date of deposit of its instrument of ratification or accession.
2B: Subscription of "B" shares
3: Voting rights
4: Payments of subscriptions
Article 8 – Ordinary capital resourcesAs used in this Statute, the term "ordinary capital resources" of the Bank shall include the following:
Article 9 – Fund for operations in low-income countries
Article 10 – Other resources
Article 11 – Operations of the Bank
1: General provisions
2: Separation of operations
3: Limitation on ordinary operations
4: Recipients and method of operationSubject to the conditions stipulated in this Statute, the Bank may provide or facilitate financing to any State Party or any African entity/enterprise operating in the territory of a State Party, as well as to regional agencies or entities concerned with the economic integration of Africa.
6: Areas of cooperation
Article 12 – Allocation of income
Governance and management
Article 13 – Governance structure of the BankThe governance structure of the Bank shall consist of a General Assembly, a Board of Directors and a President.
1: General Assembly
2: Board of Directors
3: President of the Bank
Article 14 – Provisional structure of the BankFor the launching of its activities, the Bank shall be endowed with a provisional structure approved by the Executive Council.
Article 15 – Incompatibilities and obligations
Withdrawal and suspension of members, temporary suspension and termination of operations of the Bank
Article 16 – Withdrawal
Article 17 – Suspension of membership
Article 18 – Settlement of accounts
Article 19 – Temporary suspension of operationsIn an emergency situation, the Board may temporarily suspend the operations of the Bank in respect of new loans, guarantees, technical assistance and equity investments pending an opportunity for further consideration and action by the General Assembly.
Article 20 – Termination of operations
Article 21 – Liability of members and payment of claims
Article 22 – Distribution of assets
Status, immunities, exemptions and privileges
Article 23 – Status of the BankTo enable it to fulfil its purpose and the functions with which it is entrusted, the Bank shall possess full international personality. To these ends, it may enter into agreements with members, non-members and other international organisations. To the same ends, the status, immunities, exemptions and privileges set forth in this chapter shall be accorded to the Bank in the territory of each State Party.
Article 24 – Status in State PartiesIn the territory of each State Party, the Bank shall possess full juridical personality and, in particular, full capacity:
Article 25 – Privileges and immunities of the Bank
1: Property, funds, assets and transactions of the Bank
2: Tax exemptions
Article 26 – Immunities and privileges of the officials of the Bank
Article 27 – Privileges and immunities of the representatives of the State Parties, the members of the General Assembly and the Board of DirectorsThe representatives of the State Parties, the members of the General Assembly and the Board to meetings and conferences convened by the Bank, shall, while exercising their functions and during their travel to and from the place of these meetings, be accorded the privileges and immunities stipulated in the Article V of the General Convention.
Article 28 – Privileges and immunities of the experts on mission for the BankExperts (other than officials coming within the scope of article 26) performing missions for the Bank shall be accorded such privileges and immunities as are necessary for the independent exercise of their functions during the period of their missions as stipulated in the article VII of the General Convention.
Article 29 – Channel of communications and depositories
Article 30 – Publication of the Protocol and the Statute annexed to it, dissemination of information and reports
Article 31 – Approval by membersWhenever the approval of any shareholder is required before the Bank may do an act, approval shall be deemed as having been given unless the member presents an objection within such reasonable period as the Bank may fix in notifying the member of the proposed act.
Article 32 – Beginning of Bank operations
Article 33 – Resolution of disputesIn case of a dispute relating to the shareholding of the capital stock or to the withdrawal from the capital stock between the Bank and a former member, or between the Bank and a member, upon termination of operation of the Bank, such dispute shall be submitted to the Court.
Article 34 – Annexes
Article 35 – Entry into forceThis Statute shall enter into force thirty (30) days after the deposit of the fifteenth instrument of ratification of the Protocol.
Article 36 – Amendment and revision
History of this document
02 February 2010 this version