John Gerard Hanafin (Fianna Fail)

I welcome the fact that this Bill will facilitate Ireland in meeting its international obligations with regard to membership of international financial institutions. It will support the delivery of the Government's overseas development assistance strategy, including the policy of attaining the UN target for assistance of 0.7% of GNP by 2012.

The Bill provides for Ireland's membership of the Asian Development Bank, a multilateral development finance institution, dedicated to reducing poverty in Asia and the Pacific; the extension of the activities of the European Bank for Reconstruction and Development to include Mongolia; and amends existing legislation governing Ireland's membership of a number of multilateral financial institutions, to allow for changes to administrative and financial arrangements by Dáil resolution rather than primary legislation. Membership of the Asian Development Bank is identified as an objective in the Asia strategy and Ireland has long wished to participate in the work of the bank in that region.

Ireland will contribute over €1.8 billion to overseas development aid over the next three years. This is a substantial contribution on behalf of a small economy, which I welcome.