Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698067953180.pdf (Guyana)
iAl{LlAMEN'f OFFICE, Public Buildings, Georgetown, Guyana.

30th June, 1999 ·, The following Bill which was introduced in the National Assembly is published for general infonnation.

FA.

Narain, Clerk of the National Assembl~ GUYANA BILL No.

11 of 1999 CARIBBEAN INVFS1'MENT FUND BILL 1999 ARRANGEMENT OF SECTIONS SECTION I.

2.

3.

4.

S. 6.

Short title and commencement.

Interpretation.

Approval of Agreement concerning the Caribbean Investment Fund and Fund Agreement.
Certain provisions of Fund Agreement given force of law in Guyana.

Power of Minister to make order.

Amendment of Appendix I or Appendix II of the Schedule and matters consequential thereon.

- --....CHED..ULE,- - - - - - - - - - - - - - - - - - - -~ - - - - - - - - - - - - ' 2 ABILL Intltuled AN ACT to give effect to the Agreemenl escablisbing 1be Caribbean lnvesaDCDl Fund and to provide for maacrs conneacd tberewirh.

ELaed by lbe Puliamm of Guyana:- Shon cidc and coromencemem.
l. Th.is Act may be circd a.s die Caribbean lnvesaDCDl Fund Act.

1999 and shall be deemed to have come inro operation on 1st Oaober.

1998. lnrerprewion.

2.


In mis Act - (a) "lbe Fund" meam the Caribbean lnvesuncm Fund established by tbe Fund (b) "the Fund Agrecmem .. meam lbe Agreement cscablishing the Caribbean Invesanem Fund as amended by tile Supplememal Agreement, tile original of which is the Caribbean Community Secrewiat and of which tbe text of the original clauses is set out in Appendix I of the Schedule; (c) "Minister" means the Minister respomible for investmem.
; (cl) lbe Caribbean C MiiiiHHiiiy Secremial and of wbich lbe tm of lbe c:lamel ii - OUl in Appendix D of 1be Sdlecmle.

3.

(I) lbe Caribbean IIMSUllall Fund and Fund Apeemem are hereby approved.

(2) In mil seclian ·111e A,reanaa Cm::rmiac lbe Caribbean , hnemnm faad• mew lbe Acreemem iacorporlliD& lbe Puad Apee:maa and lbe Commmricy Secrmriat and of wbicb lbe am of lbe c:laUles ii • OU1 in lbe Sdlecmle .

Sdmde.

... lball have lbe fmce of law in Ouyua.

5.


1be Miniar may, by ordllr, 1111b mcb proviliolll aa be may law in Ouyua.

Ameodmenl of Appendix I or Appendix n of the Schedule and matters comcquemial thereon.

4 6.

(1) Where any amendmetJl to the Fund Agreement is a~ by· the Governmem.. the Min.is&er may.

by order.

amend Appendix I or Appendix Il of the Scbedulc by including therein the amendment so accq,led.
.. (2) Any order made under this section may coma.in such comequemia.l, supplemental or ancillary provisions as appear to the: Minister to be necessary or expedient for the purpose of giving due effect to the amendment accepred as 4 ' aforesaid and, without prejudice to the generality of the foregoing, may comain provisions amending references in this Act to specific provisions of the Fund Agreement.

(3) Every order made under this section shall be subject to negative resolution of the National Assembly.
(4) Where .

: Appendix I or Appendix II of the Schedule is amended pursuant to this section, any reference in this Act or any other instrument to the Agreement shall unless the context otherwise requires be consuued as a reference to the ' Agreement as so amended.

SCHEDULE (Sections 2 and 6) AGREEMENT CONCERNING THE CARIBBEAN INVESTMENT FUND Thia AgrHtnent m«Je on the dey ol Auou•t 1991 bet\vHn the Government, al lhe fMmbM Slete, end Aaaociat• "embera al the Ceribbean Community which .,.
a1Qnetone1 to the AgTHment Eatabllahlng the Canbbeen lnve.imem Fund (herelnefler r:.IMJ 1he S1Qneto,y SlelHi and the ICW1 Group Limited ol 21-41 B~edal Avenue, Kktg11on 5 /n th• Periah ol SI.

Andrew.

Jame,ca 'herelnen., called ·,cwr,, W,TNESSETHeafollawa: WHEREAS: Th• Parties to the AgrttlNnt Eatlbliahing th• Caribbean lnwatm11nt Fund thtreinatl.,.
called iht t=urwr, which tnltrtd Into force on the 19" dey ol ~ r 1993 ,,,.,..,.,,., caltd "lht Original Agretmtnti hew madt th1 comtn1tment1 specifl«J in the Ong,naJ AgreetNnt which eppean et ~nda I lo this Agreement: Th• Pertlea to tht Original Ag,Hmtnt concluded a~ u~p/ementaJ AgrHmenr wttlch entered Into tort:.

on the zr day of OctOber 10H ,,..,.,,,,,,,., coiled "th• SupplMJMleJ AQ,Hment; emending the Orir,lral ~ end ,vnich Supplemental Ac,Nment appear.
et Appettdbt II le this Ag,Hment: T1t• Signatory SlatH of the Ong,ne/ Ag,9ement rec:c.,,,;,e that,,,_ ~lion to Implement In e timely way the enebling leg,,/MJ, "' to eccord th• 8fl(ffd conc9.aion.s 1/td pntlilegta to the Fund u requho by the sa,c Ong,neJ AgrHfflMI end Supplemental A(nement.
COUIJed ...,,,., unfevouraOle condillonl in lntemetionll ca,,,tal merlt•ta, advera.ly efftcted the abi/lty of ICWI to~ the l910C#al for the Ol)M8lion ol 'hi Fund:· 77,e Signatory Slelta a/the Otiglnal Agtfffflenl by 1"9 rele\'ent decisions of th• Conlnra of Heidi al G0119fflffltt11 (hereinlfltr coled ·the Conference J l'Hdted., tht 1~ Md 1 ~ MHtinp al the Conference agreed ,,,,., alla.
to utentl tht tme lltnil for tht mcma,.,;o,, o/ .,,, ,.,ou,c., and rh• reg,atrllJon ol fhl Fund: The PM111 to Uta Orlgina/ AgrNment end tht Su,,pk.mentel Agreement have bffn end .,.

dtU'OUS ol fLtanv the obllgatton, a,tc: cr,mmitment, aaaumed undel..l 1aJd 'G!!!!!
!l~L - 6 The Petties to this Agreement have egreed es follows: (I) (II) ti/I) (fV) (V} NoMllhstending any ectlon or lack ol ection on the part of any of the P,rties to Iha Original Ag"!ement \1/hlch might have opara:ed to call Into question the subsistenco of the •)riginal .t.grecment or Supplements/ Agreemerll.

the Parties hereb:1 agree to cont:nue to be bound by the terms and conditions of the •)riginal Agreement and Supplemental Agreement from the dales the seid Agreements entered Into force.
Subject to C/euse 4, the provisions of the O,iginel Agreement set out et Appendix I and the provisions of the SuP(:le1nent1l AgreetNnt set out el Appendix II are hereby incorporated lnthi& Agreement and shaU bind the Pert/es lo this Agreement like ani• other provision of this Agreement.
The Parties to the Original Ag,eement ngree that the relevant f»CISions of the Conference relating lo the Fund end l'!hich appear at Appendix Ill to this Ar,reement are here/Jy incorporated III this Agroement and slid have the same legally l;inding effect as /he other provisions of this Agreement.
Unless the Signatory States othe,wise defoJrmine, /his Agreement shall terminate and the Petties shall thereuron be relaased from aJI obligations under tllis Agre.ment u'ithoul inc'Jrring any liability to one 1rto1h., 1/ ICWJ fus to mobilise the resources for tne first tranche of the Fund by 31 March 1999 or the second trJnche by 30 Seo/ember 1199.
Nothing in this Agreement shall be construe 1 ns precluding any one ~atory State from according under Its netillna/ legislation any or'" of the privqg,s 1fl(J concessions Sft out in the Original Ar,reement to eny investment fund other than o re1ional im•estm•int fund orpanised on a buis simiar to lhf Fund.

IN WITNESS WHEREOF the undersigned duly ap1.

o:nted in that behaff by their respec t~ · Gov s and Company have signed l !1is ,AgreemMt.

Siglledby ~ ., s-r.
Siglledby ~ ., s-r.

Joi,,., A"",t;~a; ~ ~t:.J:.lt:J.J>A OF ANTIGUA AND BARBUDA c 1 for THE GOVERN on behaH of ANTIGUA ANO BARBUDA.

- - - - - - - - - - - -~7 =~~&LMASon -~ =~o~h .. .J.+tl:- ~ .. ~\·,1"1"9 on behalf ol THE BAHAMAS.

• ~J.tJ.,w.

on btlhd ot SARBADos.

Slgnedby tor THI!

GOVERNMPT OF BEUZE an ., on behalf ol BELIZE.

SJrp19dby tor THE GOVERNMENT OF DOMINICA on • on behalf ol DOMINICA.

S lg l t ldb y*~~ for THE <f~Ol'GRENADA on It ~~ , .

, .

.

, .

on blMII ot aRBiADA.


·~ Ii ·j~• IL ~ s ~ " .

• ,' I· .

(:" I .

.

I 1 -, 8 SJQnedby .

for THE GOVERNMENT OF MONTSERRAT on ,, ::d;r7 ( for THE GOVBWMBIT OF,.T KITT'$ AND NEVIS on ,, ~~~.e , ~~--K,v~ on behalf of ST. KITTS AND NEVIS.

.. ~- l 1 - !

.. ~/·, ~.

:/, _ .. -'("~ P. ~'1ir)( for THE GOvt!RN'JINT OF SA!NT LUCIA on 11 ~ • ~ , ~~ on beheJI of SAINT LUCIA.

?- r ,,,.__t- ~by for THE GOVERNMENT OF ST. VINCENT AND THE GRC"NADINES on ,, on be/1111 of ST. VINCENT AND THE GRENADINES.
-··~~ ... , on t. C on behalf of THE EPUBUC OF TRINIDAD AND TOBA°£,,.

IPtt> ,, I CPJ ,._ f · /.1).,,., ~~ ~ / :/ for THE GOVERNMENT OF THE REPUSUC OF TRINIDAD AND TOBAGO Signed by .. for THI GOVMNMENT OF TH~ BRITISH VIRGIN ISLANDS on on behd of THE BRITISH VIRGIN ISLANDS.

Signed by for THE GOVERNMENT OF THE TURKS AND CAICOS ISLANDS on ., on behalf of THE TURKS AND CAICOS ISlANDS.

,a, .

, ' " I .

·•· I ....... A~atffff.


JO APPENDIX/ PART I : ORIGINAL AGREEMC:NT Agrument btrwffn the lCWJ Group and CAR/COM Governments on tht &tabll•hmfflt of the CarlbbHn lnv,utment Fund n,,- Agre,,,,.,,t made betvJHn the Govemmenta of the Mtmbtr Stetes end As.ociete M9mbera al the Cenbbeen Community (CARICOMJ lial.cl in porugn,ph , of the Sdl«IUle to thll AQ19ement ,wiich a,.

$ig,tt1ones 10 th#$ Agreement (hereln•ner rtferred to •• "lhe Signatory States") and ICW1 Group Utntted of 2 St. l.ucJ.
Avenue, Kingston 5 In the Pens/I of St. Andrew, J11mab (hereim1fler celled ·1cwr·J.

WITNESSETH e, follows:· 1.

OBJECTTV!S: 1.

1 1.


2 To eatablish through • pub/le comp,ny en Investment funcJ or sortes of lnve1tment funds in United Sletas Ooilars to be knc,'111 sa the C,rlbbeen tnve,rment Fund (hereinafter c,1/led 1ht Fund ')" tne main object, of which shell be the investment in private sector majority awned and controlled companies and cc:poretlons located in the Slgneto,y SletH listed in the Schedule hercte preftrabl)' 11:ose which tl9 listtd or which have committed to the li.
!t on , .stock e;:cnange m •llY of the Signatory States.

Suell invHtm~nt shall Include but not be limited to ,nvestmant by way of a new stock and share issues.

1oint venture pvtlcipation, project financing, end loan funding.

thrust of investment by ihe Fund shall be the The m1in encouragement end promotion of projectt involving new ventures.

business expansion and p/vit expansion (,ncluding divestment and pnvetisatlon of public sector ov:n.cl and/f'II' controlled companies.
ccrporatlons and authorities) which an, geared towards mcreuing exports and/or fostering imPotf substitution and/or increuing hart/ currency eemings and/or mcreesmg production of goods or sarvices which ,,.

projected to stimulate economic growth in the SiQnotory Slates in which the investment and/or fundmg ,s made.

2.

ESTABUSHMENT AND MANAGEMENT OP TH£ FUND: 2.


1 • 2.2 2.J ICW1 $hall be resPOnsibl• for the establishment of the Fund wnich sh•II be capitali$tcJ at a minimum of Fiffy Miliion United States DOiiars (USS50,000,000J in two tranches.

The first tr1Jnch• or a minimum of USS25,000,000 Shell be 1ubscnbed and p~id ur, within 365 days of the entry into tore, al this AgrHment.

The second tranche coml)riu,g the differenc.


between tf!e cap,tat of the Fund and the amount of tht nm tranche shell be subscnbod and paid uo wilhln two ~•rs of lht latest .dale for s11bscnpt1on of ttie first trancflt.

ICWI Shall be responsible for promoting the Fund and for procurinq suitable managt,S of the Fund.

The appoin:menl of members of the Board ol the Fund shall be made ,n accordance wrth the Charts, and By-L•ws ol the Fund.
Unleu the Signatory Sl,tes othenvise determine, ,f the first tranche is not fuHy subscribed and pa,c/ up within the ,,.nod required by Clause 2.

1 hereof this Agrumant 1...U forthwith t;,rminate.

~----------.-, 2.

4 2.5 2.5 tn the ,vent that the Signatory Slot•• deten"ine th1t this Agntfflte~ should be terminated u IJIOVidtd in Clause 2.3 henHJI.

tlli& Agreement !lid ttnnlnllt w#hout ICK·t incurring ,ny liebilil'/ 1vt11taa.ver to th• Signatory Statea.
In the'"'"' that Ill• Slr,n1to,y Stain determine th,t this Agl'HfflM( !hould not be ''"""'''Id a provided in CIILIH 2.

3 hereof.

/hen such ol the lht tranclJ• N he• not bHII sUbscnb9CI end paid up !hell form pert of the ncond tl'lltChe 10 be aublcriM<J end pe,d up IVilhin the fUlfher period reqund by Cleuu 2.

1 hereo'.

If the second trench• (lncludlng such ,mount of the first trencne pursuant to ClauH 2.511 epplk:ableJ" not fully subscribed ,·.

;thin the period reqund by CleuH 2.


1 her9ol, /CW, ~all not incur any liebility ,vti,tsoewr to the Slgn11ory SlatH end the prov;.Jons of C/1us, 12 shall c:eese to apply, unleu the Signatory States othel\wst determine.

3.

SUBSCRIPTION OF CAPITAL TO THE FUND: 3.

1 The investment in the Fund shall be in hard cu,,.,,cy.

For th,a purpose, ii shall be denominated in US Do6,n.

4.

CONCESSIONS AND PRMLEGES OF TH£ l'UND: 4.

1 4.


2 ICWI end the SJgnatory St1tH recognise thet the grant of cerlein conce.ss,ona end prM/egl1 to the Fund for• cerlein period of time ,w11 fKiJil1te the esteblishment end operation o/ the Fund and enhance its viability Ind that the grant of conce,.

;o,,, end l)l'ivHgl$ is subject to 1tg1a/11ive Ind/or administrative ,uthority es, 1qund in the rts,,Ktive Signatory Stites.
In con51deretion of the Fund becoming duly ut1blished a, provided here," end of the Fund pursuing the objectives of Clauu 1.

2 in the Signatory Slates, tKII Sign1to,y Stele ,,.,..ny undettlkea to ensure that the folloV1ing conceuiolu Ind privileges are granted to and may be en}Oyed by the Fund in it• temtorr.• 4.

2.
2.

1 The Fund's OPlfllJons m1y be astaMahld in ,ny Signatory Stet• and the SIQnetory Slates wrll pro,npUy provide 1111 conHntl end IPl)lfl'IIII neceue,y /y tha eat1bNshment of the Fund's operatioM In the,r re,pecliw, temtories ,~,thout 111}' rtitnctlon,; 4.

2.

2 The Fund ahe/1 be entlllod to acqukl, held and dispose of bolh ,.,, and ,»raonel property whether by ,wy of pun:heae, mortgage, chflVt, t,anafer, seM or otheNUe 'Mlhout ,ny restriction; 4.
2.3 The aha,., of the Fund !heJJ be freefy tr.1nsftreble beth ,whm end outa ot the ~tory sr,,es to residents and non rtsidents thereof without any f9strtct,ons; 4.2.4 The Signtto,y State,,,,.

promptly pi'JVide a# con,.nts end ,pprov.,.

~SH,Y in order to pe,,ntt or PffNidl that any rtstrichonl (nt:luding.

without limllat,on, uch,nge control restrictlOnsJ contlined in ,ny Mgll/al:on or govemmentel or statutory order from time to time In force ,n ,ny ol the Signeto,y Slet111h11 not be ~ I • to:- 4.2.4.
1 4.2.4.2 ,.2.,.3 4.2.4.4 4.2.,.5 12 .,,Y Investment or subscnpt,on in the Fund whether made inaic!e or outside and whether m.;e by f8aidents or non-residents of SJonatory Slates: gold Ind atty currency held b}' the Fund whether iuued by the Slgn,tory Stst,s or not: ,.auritlea of ,ny n•ture wh•tsoever including but not limited to shores, stocks, bonds.

notes, dtbentures.

deb«,rure itocJcs.
mongages, ch•rve• or li«Js on ,..,,11y, end personalty and unit, under• unH tru.,t lcheme whether Issued by the Fund H p1rt of ifs cepltolis,tion or luued to the Fund H a result of 1ny invellment by th• Fund including investment in or funding provided Jiy the Fund in :iny project In • Slgn•tory s,,,,: •ny , .. 1 and pe~on•I ,:,rooerty end 1ny carltlicates of title In relation thereto, vnich form P•t1 of or tlfecting 1ny ,,,-o;.ct in ,•JhK:h th• Fund hH invested or provided fundintJ m • Slgn1tory st,te: th• remittsnct by the Fund of ,ny profits.
dividends, c•pita/ gtins, int,,.,t 11nd other income 1nd f8venu'3 of ...,.,1,so1ver nature of •nd Jn the Fund Ind the procffds of any sales.

tr,nsfer or other disposition of any shares of th1 Fund 1nd ol .,,y s.cunties Issued by or to th1Fund.

4.2.5 Tht Signatory St,t,s will promptly .~v,de ,11 cons,nts and •PtJrov-11 n«Hsal)' in order to permit or prov,o, that no taus.

dutle,.
dutle,.

loviea or imposts sh,!/ be payable on or levlOd In respect of any or d of lht foJJo11111ng:- , .2.5.1 ,.2.,.2 , .2.5.3 ,.2.5.4 Sub,criptlons to or 111Vestments in the Fund ,nd ,ny securitlH ii;ued by the Fund; Revenue,.

income.

dividends.
income.

dividends.

mlareJt or pro(ds of v.thotso1ver 11,tur~ accruing to the Fund from any project in ,mich tht Fund hH m•d• •n inv•~•nt andlot pro\·icied funding; Th• proceed& of pie, transfer or othtr disposition ol •ny secuntits inued to lite Fund 11 • rwaull of 11,y invutmenl in ,nd/or funding to any project by the Fund pursuant to the objective1 lorvlhich U1• Fund i,,u .est1bliJhed: Any revenuo.

profd, 1including cap,t•l profits}.


capita/ gains, ,nd income g,ner,ted by tl'i, Fund; 4.2.5.5 R•ITllll•ncu ol arr, interest.

dividends.

or othw pa)'tNtlt• paid by th•i dJatJ1butJoN Fund to ,ny aubacrlber.

· lnvertor lh.,.holde, In the Fund.

or 4.3 Unle1• othelWlae ,gNed by the twt/el In writing, the SJon•tOI}'; SI••• -1ttl Heh ol 1/tem IMI not be obliged to e1ttend •ny or d or the concealonl and� which they.,.

obbfled to g,-.,,t to the Fund beyond ten (10) )Wata ln,m the dllt ol ttt.
""*'1tptlon ot Ut• NCOIXI trenche under ClauN 2.1 ltereol.
4.4 At the upltatlott ol ""9 (5} yews ll'Dln the d•t• of the aulJacriptlon of, the HCOnd ttwnolle under a.u .. 2.1 het9ol, the ,,.,, .. &11 .. either the Adwlory Bon � end dllcuu the dnt:tly or tltlough dealrabllly of extending Ill• conc,uiona Md privilege, granted to Md enjoyed by the Fund and I COMidered dutable pttvlletJe• Qrant.d to end •lfOY9d by th• Fund.,,., be duly eJtlendN for ludt period a Ute Slgntto,y si.,., th• concesslona conaider oppropnate.

and I T IN A PROJ�CT: 5.

UMITA noN ON INVESTMB 5.


1 Th• Fund.

In eon1ultlllon wilt lht Fund's manegers, shall from time 10 time Ht the ....,.,,,,,.,,, policy of the MJnd in projec:I end the minmum Md muimunr lmleatment by the hmd in eny single project.

S. POUCY ON INVESTMENT IN SIGNATORY STATES: 8.

1 Th• Fund.

in conaultllton with tht Fund'& m•n•g.rs, shall Ht th• lnvHttnMI policy ol the Futtd in pro/edl In Si9Mlor1 Wlil newrtlteleu give due CONiderellon pa,tk:/pMit,g Signllo,y Slttt from m,e to'ffme.
II ia dnowMdt}ed that thert ia no ob/lgalion ltNUl In any penlcultr Slgnafo,y States ro lnwating in every on the Fund andit>r the Fund's menegers to Sltlt.

bul they 7.

STARTUPDAn: 7.

1 The proposed stetl up date al the Fund;, 9t> days aner the entry mto � d""' Ag,Nment.

I. PROMOnON 01' CAPITAL MARKn!

: I.

1The Fund and th• Fund'•,,,.,,.,.

, .


.,,, uu ,,,.,, best .,,dHIIOUf'S to tnrure that genenly lnvutment viii promote and enhance the capital by the Fun-1 will be in �ds which mancets m the Signatery Sf••••· I. INWSTMENT OF FUNDS: I.

1 Not Jeu than 75 per cent ol the fund• from th• first tranche end not -.s than 75 per cent of the tot•I funda from both tTll'IChes lhell.

two Md thrH )"ltefS.

rt1Pectively, ol lh• entry mto force ol thia l'lithin be invested in projecls conl etnpi•led ,n C/eur• 1.
...,,_,,, 9.2 II tht Fund fd• to 111/a/y the f'OQuirtmC"nti of Clauae 9.1, the p,ovllionl of Clauae 12 SMf CH,.

to apply unless the SIQrnllo,y state, othenme dMnnine.

-� · \4 10.

SORROWING SY THE FUND: 10.

1 Nothing contained In this Agreement shall restrict the Fund's right to borrow money from time to time and use snme or any pan ther,of to invest In projects contemplated by Clause 1.

11.
11.

ADVISORY BOARD: 1.1, 1 T1Jere shell be en Advisory Board consi.~ting of not more than 7 members to be appointed by the countrins listed in Item 1 of the Schedule \1/hich become parties to this Agreement.

Subject to Clause 11.2. each p1rticlp1tlng count,y shell have the right to appoint one (1) member to the Advlaory Board.

11.2 For the purposes of CleJJse 11.


1, such member countrrcs of the Orgentsation of E:estem Caribbean Stoles (0£CS1 and such Auociete Members which become pertia~· to this Agreement.

shall have the right collectively to appoint only one (1) member to the Advisory BosrrJ.

11.3 The function of the Advisory Board shall be to monitor the performance of the Fund end to liaise between the Signatory States and the Fund on matters relating to li1is Agreemenr and the performance of the Fund.

11.
11.

4 The Fund 0.v,11 provide written quarterly reporls to the Adv,~·ory Board indicating the investments in and/or funding provided to ,:rr:jects t·y the Fund and the investment of its funds in non-prr:ject acttv,ties.

n1e reports shell also include an outline of the status of projects bemg investigated tor investment and/or funding.

12.

EXCLUSIVITY OF FUND: 12.


1 The Signatory Stat,s recognise that in 1·rrier for Iha ~und to be successful end meet its objectives, the Fi •nd nHds exc:usi\'lly for investment in the SiQnstory States for a ,,,nod of not less thon s years and to this end undertake not to gra11t lo any other CAR/COM Regional Fund or institution, that is to sar.
11 CAR/COM Re9iona1 Fund or institution astablishftd by on Agreement open for signature by aJJ CAR/COM Member States, the coneessr,ns and privila')es or any of them granted lo the Fund under Clauss .,.

12.2 Dunng th• existence of the Fund.

the Slgna.ory States u110·111ake 11ot to grent to an)' other fund or institution whic/i is estatlished I,, opera le regionally In the Signatory States in compt.tition v,1th Iha Fvnc:.

an?
an?

concession and privileges mora frJvovrable than th,;,so ,;ranted to the Fund from time to lime.

13.

ENTRY INTO FORCE: 13.1 SubJect to Clause 13.2 lhis Agreement shall enter into force when rt hes been duly executed by fCWI and any number of the Signetory States listed in the Schedule hereto which numbsr must include an;• three of the States of Barbados.

Gu).

'an:i, Jamaica and Tri,,idac and Tobago.


13.2 tfthls Ag,HtNnt Is nol tJtecuted pursu,nt to ClauH 13.1 •11llhln ao days of the d1te that the CAR/COM S1C19ler1·G•ner1I declerea II I be open for llgttllcn, w, Agreement 1h11 not enter Into fOl'C9 union ICWI end th e~ Signatory St111, deferm,ne otherwrn.

13.3 None of the pa,tte1 Mtato 1h11 Incur In)' liebilly to the other untl liter the dll• IIJII lhla AgrNment 1h11 enter into force.

14.

ADDmONAL PARnES TO THE AGRUMENT: 1'.


1 n,e Pl/f/el t,e,.10 efflrm thM ii ;.

their inlenllOII Iha, IIP(ln 1hfl ~ - of Ill• Fund.

the right• end ol:ligation110 bo earned Md ,»donned by the Fund lltd the SlpMto,y Stites under tms Ac,Nment 1h11 be binding an NCh ol lhtt Fund end the SiQnelOt)'I Slll11.

To tldl Md, the JMlf/91 herWfO ,,.,.,,y ~wedge lltd IQlN Hell wilt the other ,,,., on II /ncotpOtat/On the Fund wll become I pllty to 1h11 ~ by depc-111/ng w#h the SK*.,;i a.,,.,.
of the Catibbean Cammcdy ., ,,,.

~ c"""'"1ftiy SICl9tnl I IWiftln noace duly 11tecut1d by the Fund under /11 common ... , ,,.,Ing thll I undettlkH IO ~.

bound by the '""" and c:onc:MJons of 1h11 Agrwement u ii II hed bHn • aitJn•rory hereto et the '*"• of ulCUtlon by Ute other pa,tMs.
T1te depas,t ol the lbovementloned notice •1111 aw1tt I vtlid lltd tinding ;.greement belMen the Fund end the Slgneto,y Slat•._ collocttv91'/ and lndividwl/y, N I the Funo hid bffn Ill Ofl'}inll Pitt}' IIIO sJot11tory ,..,.to.

1,.2 nie p1rt1,s hereto ICknowledg• 1/td reccgniae that non-5ign1tory.
Member St1t11 or Auoc:llt• Members of CAR/COM tilled in Item 1 of the Schldla hetwto II the time W. Agr,ement enters into rare, and countr11s to which peregraph 2 al the Schedule to this ,:..g,.ement refers ~ \Wlh to btCOme Pllfil• to this l.gtNment sL'bsequent to the entry into fa,u of this AIJ'ffmenl.

n:e pert,es hereto hereby «:lcnovMdge Ind .

.

.

.
.

.

.

llc/1 with the other,,..,, I"}' Member Stat• or Auocllt• Member of CAR/COM ahel be entitled at any time to sign the counle,pan of the NJINfflMI depolil9d Wlfh the Sffntll)' GIMfll of the Clurbbe11t Comml#lly et th, Clribbeen Cornmundy s.a.tnt PUIIUMI ro a.uae 11 b9bv 11,d th• signlltg thereat by the Government ol ltldt Member Slat• or Auocille Member and 11Ch a/them 11, sut:h Member St1t1 or Aa,c/lle Member hed bffn .,, o,fginll PlffY end signatoty ,,.,..,0.

,1.

RELEASE OF OBUGAnONS: 15.


1 Alter tJel/llety of Ille wrilten notice by th• Futt1 under Claus• 14.

1 Ind 1/terth• d1r1 for ,cn,,oiptlon olth1 lfrst and second tranches referred ro in Cleun 2.1, /OW slid bl dHmed to have performet:J Ill of its oblk}1tion1 under 1h11 Ag,Nment lltd Iha/I be released from this AQ,Nmlnl.

11.

AMENDMENTS: 18.

1 11111 Ag,Nment mey be emend9d by co,,a nt al the p1t11e, hereto.
18.2 No amendment to 1h11 A9rNmenf lhd be binding on tht parties unlea it II in wnt;ng end duly lltet:utH by el the part;e, to th• AgrNment.

Any IUCh doeumlnl emending th,.

Aglffm•nt lhlll bl de,,oded 11'ith the Secretary-Gen1rel of th• C1ribbeon Community at the Clribblan SICl9tariat within 301/91 of its 1;<ecu1ion.

16 17.

DEPOSIT OF AGREEMENT: 17.

1 Th/I Ag,Hment'Shal be ,apoa,t&d with th<!

Sec,.tery.
Sec,.tery.

(ienerai o CommuntfY and the Secretary--Generol $hell fumi$h eec/1 Caribbeen pa,ty to 1h11 Ag,Hmenl 1¥ith • certified co,,y tl1ef90f.

f the 11.

JURISDICTION FOR REGISTRATION OF THE FUND: 11.

1 The pl/ties h.,..,o aQFH that, at the cneretlon of ICW7 end the Fund.

the Fund &11111 b• regl&tered kt a jurisdlclk>n to the hlgfl/o/ conduave enhancement of the ettrKllvenea ol 11,e Fund in th• e)l91 of prospective lnvfflon.

19.
19.

ADM/NISTRAT1VE HEADQUARTERS OF THE FUND: 19.f The Administrative HHdquartars of the Fcmc shell b• in .

!i1m1ic1.

20.

CHOICE OF f.AW: 20.

1 Tho pMfles hereto agree that prior to tha ,·.ntten by the Fund under Clause 14.

1, this Agreement shell be-governed by the lD\'IS of Jama,c,.

nollce 20.

2 Th• part its htreto agru thet upon deliverv -,, the ·.

•miter.

notice by 1, this As,rwement s11,11 be govern,o by the the Fund under Clause 1'.

laws of England.

21.

ARBITRATION: 21.


1 Tho parties htreto agree that:- 21.

1.

1 In th• event ofcontro119rsy, dispute or question ans,ng out of or ,n cOMectlon ,w,th a,.

in relation 10 this Agfflern•nt interpretation, thereof, or ,1, or non-pt•rlorm,nce or any breach • perfonnanco the matter snaJI first b• sub;ected to nepotiation.

21.1.2 If the controversy, negotiation ii $haN be reftrrwd to nitration.

dl,pute or que.�ion is not resolved by pursull1f to Clause 21.1 1 hereof ,·Jithin 30 days.

21.
21.

1.3 Al controwrsy, this Agreement. "''"

be finally Arbitration arbitrator appOlflled Cli1pute or questions 1nsins, m conr.E �tion with s,v.

and except 11 hore1n1ner HIiied under the F•JIH of Conctl,,t,on provid•d.

end of Commerce by one the s.,cJ Ri;l,s.

of th• lntemational Cham.,,, l"ltn in accordance 21.1.4 If ,nyevent g,v,ng riu to enycontro, ,riy.

d1sPute orquest,on ansts prior to ICW7 being re#Hsed inder Clause 15.
1, then ,uch controversy, diipute or questx.·n $hlll be finally by 1rbitretion under the Rules of ArbilratiofJ ,s amended from time to time.

in accon:11nca 1wth the Arbitration before a single arbilrdt�r Act of J1m1,ca aettlea Annuto APPeNDDC SCHEDULE 1.

Antigua and BartJuda Th• Bahama, S.rtJados Beliz.

Dominica Grenada Guy,ne J•maic1 Montserrat SL KJu and NNa Sant t.uc,1 SI.

l.'lrant and the G,.,,.,,.,_, Trinidad and Tobago Th• BrltJah Vlrpin lllend• The Tu,q Ind C,/coa llland, 2.
Any omer country ,'fhlt;h become, a Member Stile of ,,,.

Caribbeen Community or en Aascx/alt ltlemoer of the c,nbhan Community.

18 APPENDIX II ' PART II: SUPPLEMENTAi.
AGREEMENT Supplemental Agreement to the AgrHment Establishing the CarlbbHn lnvestmGnt Fund This Ag,eem.m made between tlte Govemme11ls of tho Member SIDies end Auoci1t1 Mtmbell at th, c.nbbt111 Community (CARICOA IJ VJhich are signs/ones to the AgrHm.,,t Esttbll,h/ng the Caribbean Investment Fund 111trich entered into force on OctobM 1S, 1193 (htre/nett,r referred to es "the Signatory Stetos-, end ICWI Group Limited of 28-41 BarlJados Avenue, Klnqston 5 in the Pansh of St. AndffVI.
Jameic• (hereinafter called ·1cwr,.

WfTNESSETH /IS FOLLOWS: niat the Parties hereto have ,greed that the A~a,nent Establishing the Canbb,an Investment Fund Which entered Into lore, on OctObar 1 S, 1933 (hereinafter rele"ed lo ,s ihe Original A9r,1m,nt") is htrtby ,m,ndad pursuant to Clause 15 of the Original AgiHment by this Agreement (herein,fttr ref,rrad t,, es ·the Supp/em,nt1I Agreementj in the fo/klwlng materlt/ p1rtkule~:· 1.

OBJECTIVES: 1.

1 1.


2 1.3 Th• objectives of the Caribboan Investment Fund (here,ne/lf.

!r celled "the Fundj II de&Cribed in the Ortgmal AgrH:nent s/lell be extended to permit Investment by the Fund, of up to , maximum of 40% of the capital thereof in the countries lfstad in the Schedule to this Supplemental Agreement, provided that the monager.s of the Fund.

,ner du, consideration, have reasonably concluded :.
'lot the investment opponun,tie, in the Signator; States os contemplated by the ob/.ct,v,s of the OrigintJI Agreement 1vtli from lime to /Ima.

be mulflClent to p,ov,da a competitive retum lo investcrs ,n the Fund.

The Fund shell 11 al tirNa giv• pnonty to ,nvestmenrs of eoual opportunity to investment in lhl Sign1tory Sl-•tas under the Ong,n1Jt Agreement.
The ob~tr,ea ,at1bUshad in the Ongin1I Agreement shall eoua//y apply to investment by the Fund In the countriH listed in the Schedule to this Agrwemant.

2.

ESTABUSHMENT OF THE FUND: 2.

1 ICW7 sha# ,stablish the Fund which shall bt c1p1tatisttn at• mm,mum of Fifty Million United Stites Dollars (US$50.

oc,o.

000) 1vithin Jlj5 days ot this Supplamentll AgrHmenl antenng into force.
Subscnpt,on sha/1 bt In two lr,nches: the first tranC11e or a minimum of US$25.000.000 sheH be subscnbed and pe,d up wrthin 180 1,ys of the entry Into fort• of thla Supplemental Agrttment.
n,9 seconc, tranche compnsing the difference btl\1/Hn the capital r:,f the Fund end the 1moc,nt of the first tranche shell be subscr.bed end paid uo within 355 cays of the entry Into forr:t, of the Supp/E mental Agreement In the ,vent that the Fund is not fully c1p1lel1sed 1v,thin 365 days of this Supp/ementa/ Agreement entenng ,nto force.

the Orig111al Agraemenr end ttt,a Supplemental Agreement shall fotthWrth terminate unless the Signatory Stites otha,wis, determine.
2.2 In the �nt thet the Sigfl eto,y SletN det .. rmme that the Origin Agreement end this su,,,,le,M ntel AgrHme N providN in CJ,u.e 2.

1 het9ol, the Original Agreement and thl& el AQtNmMt Supplemenl � .wtetlOffer to the SJgnelory .,,,.

,.,,.,..,.,.

wrfhouf /CW, mcurnng •"'I nf shofJld be temunettd SlelN.

3.

CONCESSIONS AND PRMLEGES 01' THE FUND: .J.

1 T1te p.,;od of ten (10}.,....,.

re/Med lo In Oeu .. 4.


3 o/ the Orifpnal Ao,wtmtnt lhd nm from tht daft o/ lht •�tebliMJment .. prrNldod """"· of the Fund 3.2 n.. period ol flvt (5) YfetS ,.,.,,.d to In Cl1un "·" ol the OrfginoJ � lh,.

run from the delt ol th• ••tebllWnMI ol th• Fund .. provid«1 t,.,.;n.

4.

INVESTMENT OF FUNDS: 4.

1 Clause 9.


1 of the Onr,lnll Agreement shell be ,mended to provide thet not leu than 75" of the """•num amo•,nt Slgneto,y SlelH punuan, to this Suppkmentet Agrffment lnve,ttd in pro/ect1 in the Signetory Stetes ·"!Cntemptoted in C/1use 1 al the Orig,nel Agnement wilhln llll'N � from the estetlis/UNnt al tho Fund.

flillng ,Wtich the prOlliaiona ol a.uu 12 "'EXCLUSIV1TY OF FUND" of th• Origtta/ Agt9ement Signatory Slates °"1etwil• dettnnine ..
.,,., cnese to to t, irn'flted in th• apply UnleH the be 5.

ENTRY INTO FORCE: 5. f Thia Supp/9mentll Agrwement lhlll ent,r int{, lore• :i-nen ,t h,s bHn duly encuttd by 1cwr Ind the SJon•to,y St,tes the Ong/n el AQ'Wemtllt.

which h,11, e1teeut� 5.


2 II this Supplementet �nt ;a not e•ec,,ted wrauant to Clauu & 1 hertOf vlilhllJ 50 days ol the dale the CAR/COM Stcl9tetY• G.,,.,.J cleclerea it to N open for _,.,.,,,,., this Suppiementel Ag,Nment lhel not enter Into loree unlen 1cw, end lh• SiV"•'°'Y s,,,o, Mt.,,,,,,,.

othetwile.

5.J Non• al lM P"1#t1 to tM Onglne/ AgrHtNn t shel Incur any liabiity to tho other II this Supplementll AgrHment st,d not enter into lon:e. I.

ADDITIONAL PARTIES TO THIS SUPPI.EIIENTAI.


AGREEMENT: nd recog,•ise thel non-Sign«ory or Allot:l1le MM1bers of C.CRICOU listed in /tam 1 5.1 n.. P�s hereto � • MemOer states al the Schedule al the Origlntl Agreement et the time thl& Supplementel Agrwament ent111 intQ fon:,, Mid countriN 10 which pangrep/1 2 al the Schedule to tlHf Orfglnel Agreement ,.,,,.

may -,, to bec:ome Pet1te1 to thil SuppletNntal A""'"""' •uts,qwnt •nd to it, entry Into ,�.
T7te PltfJn ,,.,_o herwby eclrnoll'Mdge """ """' NCh oUttr that ,,,., Alember Stele or Aaoe,ate IHmber al CARICOM lhd be tnlitJtd et any time to sign Iha counterpart of thla Supp/,t1Nnt el Ag,Hmtnt �littd ,wth the Secr911 •:G,nera/ Community at the Caribbean Community S•cretariat by the ol auch Membel Stat• or Auoci•t• Memb•r and each al th• Caribbeen punu,nt to Claun 8.

1 hereof and the signmg thereof Government of lh•m a, ii aueh Member Stale or Assocl1tc M•mber had bHn an hereto.
onglnel party ,nd siQMto,y ·.. 1.RELEASE 01' OBUGA nONS: 1.

1After dnv.ry of th• t'AittMt notice by the Fund purauant to ClauH 14.

1 of the Orlglnlll Agreement and aller the time provided for aubscrlption to the Fund m.rred to in Clause 2.

1 hereof.

ICWJ S111N, notwlthllanding anything to the contrery c�tlined in tho Original AQl'NINnt and thl• Supplomental Agfffment.

be deemed to have performed aJI lt1 obllgtliott• unt*r the Original Agreement Su,,plMt•ntal Agreement end shall be l'MiHed therefrom.
end this I.

DEPOSIT OP SUPPLEMENT'AL AGREEMENT: 8.

1 Thi& S"pplemenlal Agreem•nt Shall be dtpusiled u.;th the Secret,rr General of the Caribbe.,, Commurnty ond the Secretary-Ger,eral provida each party lo th" Supplemental copy thereof.

with e certified Agreement shalt ... Annuto AJINIIOIKI SCHEDULE .
Colombia CostaRa Cw, nae Oomlnlt:an Retw1* Ss.llledor Gual8mala He/II Hondlnl 1'"' United SIM•• o/ Mexico Anlba Md The Nelhenanda .4/del Naragua Panama Venezwla le,mc,da Clyman lllanda 22 DECISION OF THE CONFERENCE OF HEADS OF GOVERNMENT Rl!ACHED .4T ITS FIFTEENTH l.tEEnNG ( Rep. 94/15147 HGC J CARIBBEAN INVESTMENT FUND <CIF} TH� CONFERENC�: tJRJJst the report from the SCMF that • (i) the Ag,Nment for th• eit1blishm,nt of the CIF •1ntered October 1993-with th• SJg111ture of the Agreeme11t Guyan,: into force on 1.5 of by the Government (Ii} •Joint Venture Company between the /CY.// v.d Fore,gn anci Colonial Emerging Mlllfcet, Limited of Lonoon had been torr ,,d to menar,e the Fund; by tfle ICWt; (iit) the CIF had not yet been r,gnt1red (iv) Member Stat•• hid not yet en1ctld the domestic /!JQ1slotion or put in piece Ille edm,niltfltive arrang1ment, the CIF but hid the matter under ectJve cons,cterot,on: requited to provide the egrwed Incentives to M some Member States we,e stJ// to amend Histing legtslatlon which 1wll ot/lenYiM COMtrain the operation of the Fund in the,r respect,ve Jurisdictions: (Vi} n,.
8ehama1, Grenada, the British VirQin /:stone, end th• Turts and Caicos lllanda hid not yet llgned the AgrHment e:stabll,Nng the CIF: (Vii} the lC\M had rec,ueatld an exterwon of lh• period p,ovtded ,n the .Agreement to moolllae the first tranche of USS25M; (viii) the provilion relating to the regi,tretion of th• Fund had not been sa11s/i1Jc' and wtl el.a need to tie extendld; (I} to extend the panod for regl!tration of the Fund to t 5 Octobtr 19!t4: (ifJ lo extend Ille period requ� to mobili:se the first treoche of the re.soun:es by 180 day,: Rtpur,c,d the CARICOM Secretan11 M"tendm•nt, to the Ag,Hment to g,ve e"� to tha agreed exten110ns: lo WOl'k wilh the ICIM lo c"trmine Ille , ;;;;;;;;;;;;;:::::::;===========---====-:z:zj ----- •IJlUSi.
(ii M•mb•r St1r•• concem,d to 11tp1dit111ction to Put in p,.c, tht' domestic legis,.tion ,.quired to provide th, inc,nrivts to the CIF.

•nd ro •fr!'

nd.

of wh•r• n,c,s.urv.

their domestic /1giskJtion thl Fund In their r,spectiv• jurisdictions: to f8cilit1111 th• op,,.t,on (HJ Mem ber Stet,i.

which h•d not yet signed the A'J111m1nt fa, th• CIF, to $Hie to do .a .
DECISION OF THE CONFERENCE OF HEAOS Or GOVERNMENT REACHED AT ITS SIXTEENTH MEETINO { Rep. S6/1/1S/69 HOC J CARIBBEAN INVESTMENT FUND f(:JFJ THE CONFERENCE: fiRi.sL that th• Gov,mm,nts MHtino of Fln•nc• M•n•oers, CIF: of Gr,n•d• •nd The s,11,r,H h1v11.
sine, th11 iast s,gn,d rhe Agr,ement for rh• ut1bl1shment of the bJBJi to grant the ICWI G,oup of CompaniH • 1996 to mobiliH ,.sources for th• first tr1nehe of the CIF; furthflt utens1on until tJulv lllSlM th•t the ICWI Group of Companies use its best ,ndHvours fin,ncmg for the first tr1neh1 of the CIF befora t July t 936; to mob#ise th• �{lo urq•d elf Member Statts which MCHUIV l�islarion to f1cib't•t• th• op,r1tion of the CIF.

th• h1v1 nor yet don• so.


:o implement DECISION OF THE CONFERENCE OF HEADS OF GOVERNMENT REACHED AT ITS NINETEENTH MEETING CARIBBEAN INVESTMENT FUND fCIFJ THE CONF-EIIENCE: to t1nter into• new Agre1mt1nt with th• lnsu,onc•· 4sla:lllt lndiH (ICWIJ for• Clribb•M lnve•rm.nt Fund fCIFJ provision which /1 • pn-11t1'sting C01'tflct1.11I oblig1tion: i'ncorcoretl Cump11nv 01 ,11, Wut ng th• •1<clvs1v1tv A{sq IRlfltf thet.

ro give 1ff1ct to th1 Agrnment.

th, S111e.s which 116 parti•s to it.


w,11 • • if n,c,u•rv, IHlt • WTQ waiwr: fvah,c.,,,,,,, r/tar thl period to OHrlriOlllill the C.ribbtl,n Jn"atmenr ~ (CIFI is 11tttndff to 31 Mardi 1 ISS; Jbsast Mwnw S11t1s to .,,.c:, l'llt111nr 1egi11l1tion tilling ,i,to ,ccount ,,,.

.

.

.

, , .
.

.

.

, , .

- , for ICWI .to o,,er,tionaqe th• Futtd: &Kalt ,-, In tN light of tM ,,,....;sring commi1monr11 to th• 1CVII, rh• Communitv would not "'1 in • .Paition to g,.n, MY oth1r ln11111tm1nt Fund COlfCHMJM Md privilQH similer to Utoa• ~ pro11ic.

'ed to tlUI CIF: A(lq ncn,f ,,,., th.,.

WH no ob;ff tior, to the Comm011 ... 411tlr D1v,Jopmv,t eor,,o,.tion (CDCJ or MY other PIOfflOt9r Ht•b/Wtinf .,, lnwstm,nt Fund 1nd obtaining the conc,uioM ,.,.,_,.

under national '-fill•tion.


I .. EXPL\NAJOU MEMORANDUM The Twelfth Mttdns of CARICOM Heads of Govemmem held In Bassetem In July, 1991, ap'ffd to support and fxllutt die esubllshment of a Carfbbean ltMStment fund (CF) ii a means of attrXt.tnc apful and IIMltlnem to the lteafon and to meet an ldtndfled pp In the ffnanclnr requirements In the rqlon.

».

This BIii thertfort stets to 11w effect to this decision.

B. Jagdeo, Minister or r111811Ce.