Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697642828701.pdf (Antigua and Barbuda)
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Loans ( F i m i a l Institutions) Act 1996.

I ANTIGUA AND BARBUDA [ L.S.

1 I Assent, James B. Catlisle,' Goventor-GeneraL ANTIGUA AND BARBUDA No.

6 of 1% An Act to authorise the Minister of Finance to borrow certain sums to finance recurrent expenditure, certain overdraft and credit facilities and contingent liabilities of the Government of Antigua and BaTbuda.

[ 19th December, 19% ] ENACTED by the Parliament of Antigua and Barbuda as follows - 1.
This Act may be cited as theLoans (Financial Institutions) shm titie.

Act 1996.

2.

(1) Notwithstanding the provisions of any other Act, the Ministep Minister is hereby authorised to borrow the sums set out in the Schedule in Eastern Caribbean Currency or equivalent in other :z,,2w authorised to in currencies on such terms and conditions as may be agreed between the Minister and the Financial Institutions set out in the Currency or Schedule.

equivalent.
equivalent.

-m Caribbean (2) The Minister may exercise his power under sub-section (1) in such a manner that separate sums of money are borrowed over a period of time, provided that the separate sums do not in the aggregate exceed the total sum set out in the Schedule.

‘4Nl"xGSA 2 AMlls BARBUDA Amlication of Money Borrowed.

Loans (Financial Institutions) Act 19%.

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3.

The moneys borrowed under the authority of this Act were approved by Cabinet and appropriated and applied to finance the projkcts set out in the Schedule.

Power to issue instructions 4.

The Minister may issue such promissory notes or other instruments as may be necessary for the purpose of giving effect to the tenns of my agfpmmt entered into by him with the in of the moneys borrowed under the authority of this Act.

Ratifidon of cabingtrkeision.


Govement of Antigua 5, The Iaans md guumtee agreements between the Barbuda and the Financial Institutims, which are specified in the Schedule hereto, are ratified.

Fhancial Institutions 1.

Caribbean Banking Corporation SCEPEDaE Agr-ent Section 5 Amount Loan Agreement to meet outstanding paymena to Wirtgen I~ter AG for rehabilitation and expansim of Au- port Runway Pllssume to Cabinet Mision of 1 lth J m q - , 1995.

2.
2.

Antigua and Barbuda Invesment Bank (a) Guarantee of loan to Stitch World Antigua Ltd. to purchase equipment pursuant to Cabinet Decision dated 30th January, 1995.

4,750,QQ 250,000 fb) Lorn Agreement ~ i , ~ s i s r .

in pay- ment to Wigen Inter AG for con- struction d roads pursuant to Cabinet Decision dated 8th February, 1995.

6,480,MO 3.

Royal Bank of C1& (a) Loan Agreement to piace portion of overdraft on Reducing Basis pursuant to Cabinet Decision dated 10th November, 1993 5,000,088 No.
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Loans (Financial Institutions) Act 19%.

3 ANTIGUA AND BARBUDA (b) Loan Agreement to assist with construction at Jennings School pursuant to Cabinet Decision dated 10th November, 1993.

(c) Loan Agreement to purchase Equipment for Public Works Department pursuant to Cabinet Decision dated 29th April, 1992.

3,0@4000 (d) Guarantee of loan to Antigua and Barbuda Development Bank for Investment purposes pursuant to Cabinet Decision dated.

776,392 4.
776,392 4.

Canadian Imperial (a) Loan Agreement to consolidate Bank of Commerce Hadeed building, salary arrears, sanitation and road equipment and equipment and material for PPWD pursumt to Cabinet Decisions dated I st December, 1993.

(b) Loan Agreement to liquidate F.B.

Hadeed & Sons Credit Facility for f ~ e tender and security equipment for Airport and equipment blr spares for APUA pursuant to Cabinet Decision dated 5th January, 1994.

5.
5.

Finance and Development Company Limited (a) Loan Agreement to pay Wirtgen Inter AG under agreement dated August 25th, 1993 for road re- ANTIGUA 4 AND BARBZjYIA Loavas (Financial Institutions) Act 19%.

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construction, loan refinanced and an additional amount of $2,000,000 pursuant to Cabinet Decision of 17th November, 1993.

4,145,116 (6) Loan Agreement b assist in Road and Drainage reconstmction guaranteed by ARWA pursuant to Cabinet M i i s n dated 26th Jmllary, 1994.
(c) Loan Agreement for Antigua's portion of joint investment in LIAT (1974) Lsd.

pursuant to Cabinet Decision dated 27th April, 1994.

(d) Loan Agreement to purchase equipment for and a bulldozer for CBH pursuant to Cabinet Decision dated 8th March, 1995.
2.15 1,000 (e) Loan Agreement to finance the rehabilitation of Govermnent House pursuant to Cabinet Becision dated 24th May, 1995. lQo,m w- (/J Loan Agreement to assist with short- terrm payable to Hadajed Motors and to pay for equipment for the Ministry of Agriculture pursuant to Cabinet Decision dated 15th November, 1995.

8,500,000 No.

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Swiss American National Bank of Antigua Limited (a) Consolidation and rescheduling of existing loan plus and additional amount for payment of arrears of salary and infrastructure pursuant to Cabinet Decision dated 27th April, 1994.

(b) Loan Agreement to assist in pur- chasing shares in LIAT (1974) 5,000,000 Lad.

pursuant to Cabinet Decision dated 26th April, 1994.
2,000.000 4,823,550 4,376,450 (c) Loan Agreement to assist with the Servicing of Fisheries Loan pursuant to Cabinet Decision dated 3rd May, 1995.

(d) Loan Agreement to assist with the Servicing of Fisheries Loan in pursuant to Cabinet Decision dated 3rd May, 1995.

(e) koarr Facility of Ten million Eastern Caribbean dollars (EC$10,000,000) to assist with b e clearing the artems on CDB b a n s as well as m a r s on other External lams in pwsuant to Cabinet Dwision dated 17th April9 1996.

7.
7.

Barclays Bank fa) Guarantee to Antigua Port Authority PLC to assist with upgrading and expanding parking facilities for AN'IIGUA 6 AND BARBUDA Lows ( F i m i a l Institutions) Act 1996.

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customers pursuant to Cabinet Decision dated 3 1st August, 1988.

5,200,000 (bj Guarantee to Antigua and Bar- buda Development Bank to assist with the construction of low income houses pursuant to Cabinet Decision dated 8th December, 1988.
(c) Loan Agreement to assist in Air- port rehabilitation, fie-fighting equipment and F i e Stations, payment of Government Salary hears, and other consolidated .

loans pursuant to Cabinet Decision dated 20th December, 1989.

(d) Guarantee to Antigua Cricket Association to assist with up grading facilities at Vivi Richards Rayers9 Pavilion pursuant to Cabinet Decision dated 27th March, 1991.

470,000 8.
470,000 8.

Bank of Nova a Scoria Consolidation of loan balances for C W A Housing Project, ASIC, Carnival Committee OD, Airport rehabilitation, Hadeed building, L.C, i.f.0 Bonding Co., Mendes building, Fire- fighting equipment; payment of salary arrears; payment of wages to Royal Antiguan Hotel; to purchase spare parts for APUA; liquidation No.

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7 ANTIGUA AND BARBUDA af &bt of Forth Worth Il~teresr ILL Ltd, and Antigua Carnival Committee overdraft pursuant to Cabinet Decision dated 7th July, 1993.

9,7&,000 (b) Loan Agreement to consulidate overdraft for Antigua Carnival Committee pursuant to Cabinet Decision dated 14th March, 1996.

(c) Loan Agreement to purchase PIarbour Front Land from the Fuller family pursuant to Cabinet Decision &da' 5th Jmaary, 1995.
(d) Loan Agreement to consdidate overdraft for Anaigna Carnlvd Committee p u r ~ ~ t to Cabinet Decision &ted 3 st March, 1995.

250,@W 2,7W,QO 250,000 9.

Antigua (a) Cmsolidatd demand loan to Ctmmercid Barak.

purchase X-Ray eqslipment and o h r facilities and Gat.

Scan Machine pursuant to Cabinet Decision dated 9th Italy, 1993. jbj Loan Agreement to lend to Deep Bay Development Co. Ltd pursuant to Cabinet Decision dated 7th July, 1993.

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(c) Loan agreement to lend to Deep Bay Development Co. Ltd. pursuant to Cabinet Decision dated 7th July, 1993.

(d) Consolidated demand loan for payment to CDM, to purchase PVC Pipes and payment of salary arrears, to pay accrued interest to Deep Bay Develop- ment Co. Ltd. and interest for loan to Dave Lester Payne pursuant to Cabinet Decision dated 8th July, 1994.
(e) Loan Agreement for joint pay- ment to purchase 0.E.C.S Embassy building in Washington D.C pursuant to Cabinet Decision dated 8th July, 1994. fjJ Guarantee of loan to Deep Bay Development Corporation pursuant to Cabinet Decision dated 25th September, 1987.

(g) Guarantee of loan to State Insurance Corporation pursuant to Cabinet Resolution dated 15th April, 1987.

1,671,300 2,7W,000 3,339,108 (h) Guarantee of loan to the Board or Education pursuant to Cabinet Decision dated 30th August, 1995.
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9 AN'IIGUA AND BARBUDA Passed the House of Representatives &is 17th day of October, 19%.

Passed the Senate tbis7th day of November, 19%.

B. Harris, Speaker.

S. Walker, Clerk to the House of Representativess M .

Percival, President.

S. Walker, Clerk to the Senate.

Printed at the Government Printing Office, Antigua and Barbuda, by Rupert charity, Government Printer --By Authority, 1996.

800-12.96 [ Price $3.65 I