Michael D'Arcy (Wexford, Fine Gael)
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I move amendment No. 3:

In page 5, after line 5, to insert the following:

“PART 4

MISCELLANEOUS AMENDMENTS

Amendment of International Finance Corporation Act 1958

7. The International Finance Corporation Act 1958 is amended—

(a) in section 1, in the definition of ‘the Agreement’, by inserting “, and any amendments to the agreement that are approved by Dáil Éireann pursuant to Article 29.5.2° of the Constitution” after “in the Schedule to this Act”, and

(b) in section 2—

(i) by designating that section as subsection (1), and

(ii) by inserting after subsection (1) the following subsection:

“(2) Where Dáil Éireann has approved, pursuant to Article 29.5.2° of the Constitution, an amendment to the Agreement, the Minister for Finance shall, as soon as may be thereafter, cause notice of such approval to be published in Iris Oifigiúil.”.”.

This amendment relates to the International Finance Corporation Act 1958, the legislation governing Ireland's engagement with the International Financial Corporation, the IFC arm of the World Bank, which is involved in encouraging private sector development in developing countries. The amendment seeks to amend sections 1 and 2 of Act to allow for changes in the International Finance Corporation's articles of agreement to be approved by way of Dáil resolution rather than primary legislation.