WHEREAS section 2 of the Colonial Development and Welfare Act, 1959 (hereinafter referred to as "the Act") of the United Kingdom provides inter alia-
(i) that the Secretary of State may with the approval of the Treasury make loans to the Government of any Colony for enabling that Government to provide finance for any of the purposes of a development programme approved by the Secretary of State and by the legislature of the Colony;
(ii) that the terms of any such loan shall be such as may be fixed by the Secretary of State with the approval of the Treasury:
AND WHEREAS the Secretary of State has informed the Governor that he contemplates making a loan on certain terms and in accordance with proposals made to and approved by him to the Government of Cyprus of the sum of one million one hundred thousand pounds sterling (,1,100,000) for the purposes and under the conditions set out in the Act:
NOW THEREFORE, be it enacted by the Governor and Commander-in-Chief of the Colony of Cyprus as follows: