Caribbean Investment Fund Agreement (Implementation) Act 2000

Link to law: http://laws.gov.ag/acts/2000/a2000-13.pdf

No. 13 of 2000. The Caribbean Investment Fund 1 ANTIGUA
Agreement (Implementation) Act 2000. AND

BARBUDA

[ L.S. ]
I Assent,

James B. Carlisle,
Governor-General.

9th August, 2000.

ANTIGUA AND BARBUDA

No. 13 of 2000

AN ACT to make provision for the administration and imple-
mentation of 'igreement establishing the Caribbean Investment
Fund.

[ 10th August, 2000 ]

ENACTED by the Parliament of Antigua and Barbuda as fol-
lows -

1. This Act may be cited as the Caribbean Investment Fund Short title.
Agreement (Implementation) Act 2000.

2. In this Act - Icterpretation.

"the Fund" means the Caribbean Investment Fund estab-
lished by the Fund Agreement;

"The Fund Agreement" means the Agreement establish-
ing the Caribbean Investment Fund as amended by the
Supplemental Agreements, the original of which is de-
posited with the Secretary-General of the Caribbean Com-
munity Secretariat and ratified by the House of Repre-
sentatives on 3 1 st May, 1999;

ANTIGUA 2 The Caribbean Investment Fund No. 13 of 2000.
AND Agreement (Implementation) Act 2000.

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"ICWI" means Insurance Company of the West Indies;

"Minister" means the Minister responsible for the admin-
istration of this Act;

"The Supplemental Agreements mean the Agreements
anlending the Fund Agreement, the originals of which
are deposited with the Secretary-General of the Carib-
bean Community Secretariat.

Application and 3. (1) This Act applies to the Fund Agreement the text of
uncor~oration of which is set out in the Schedule.
the Fund.

(2) The Fund shall, in accordance with the Fund Agreement,
be incorporated as a public company in Antigua and Barbuda.

Unrestricted right 4. Upon application under the Non-Citizens Land Holding
land etc. Regulation Act the Fund is entitled to be granted licences -

Cap.293.

(a) . to hold land or any interest in land and to dispose
of any land or interest in land;

(6) to hold shares and securities issued by or to the Fund
and to dispose of such shares and securities;

(c) to appoint non-citizens as directors to the Fund or
any subsidiary of the Fund.

Grant of 5. (1) The Governor-General is hereby authorised to grant
exemption under to the Fund either, absolutely or conditionally, exemption from
the Exchange
Control ~ c t . any obligation or prohibition imposed under the Act.
Cap. 157

(2) The exemption referred to in subsection (1) applies to -

(a) gold or currency held by the Fund whether issued
by a signatory state or not;

(b) securities of any nature, including but not lhitedto
shares, stocks, bonds, notes debentures and deben-
ture stocks;

(c) any project or activity in which the Fund has in-
vested funds, including proj~cts m a signsnbav s t n , ~

No. 13 of 2000. The Caribbean Investment Fund 3 ANTIGUA
Agreement (Implementation) Act 2000. AND

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6. Any profits, dividends, capital gains, interest, income and Exemption from
other revenue earned by, or accrued to, the Fund in connection etc.
with its investments shall, be allowed to be remitted outside
Antigua and Barbuda.

7. (1) The Minister may, upon application by the Fund and Minister to make
on orders the recommendation of the Cabinet, by order pub- Orders.
lished in the Gazette, grant such other approvals and consents
as may be necessary and expedient to give effect to any other
provisions of the Fund Agreement.

(2) Upon application the Cabinet shall grant to the Fund ex-
emption from the payment of tax on any profits, dividends, capi-
tal gains, interest, income or other revenue.

8. (1) The Minister shall monitor the activities of the Fund Minister to submit
and submit an annual report to the House of Representatives the rep0rt

to the House of together with the report submitted to him under subsection (2). Representatives,

(2) The Fund shall, at the end of every financial year of the
Fund, submit an annual report of its activities, including in-
vestments made by the Fund in Antigua and Barbuda and any
signatory State to the Minister.

9. Where any amendment to the Fund Agreement is accepted
by the Government and ratified by the House of Representa-
tives in accordance with the Ratification of Treaties Act, the
Minister may by Order published in the Gazette, amend the
Schedule by including the amendments so ratified.

SCHEDULE

PART I

ORIGINAL AGREEMENT

Agreement between the ICWI Group and CARICOM Governments
on the Establishment of the Caribbean Invemnent Fund.

This Agreement made between the Governments of the Member States and
Associate Members of the Caribbean Community (CARICOM) listed in para-
graph I of the Schedule to this Agreement which are signatories to this Agree-
ment (hereinafter referred to as "the Signatory States") and ICWI Group Limited

ANTIGUA 4 The Caribbean Investment Fund No. 13 of 2000.
AND Agreement (Implementation) .Act 2000.

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of 2 St. Lucia Avenue, Kingston 5 in the Parish of St.. Andrew, Jamaica (herein-
after called "ICWI"), WITNESSETH as follows:-

1. OBJECTIVES

1.1 To establish through a public company an investment fund or series
of investment funds in United States Dollars to be known as the Car-
ibbean Investment Fund (hereinafter called "the Fund") the main ob-
jects of which shall be the investment in private sector majority owned
and controlled companies and corporations located in the Signatory
States listed in the Schedule hereto preferably those which are listed
or which have committed to the list on a stock exchange in any of the
Signatory States. Such investment shall include but not be limited to
investment by way of a new stock and share issues, joint venture
participation, project financing, and loan funding.

1.2 The main thrust of investment by the Fund shall be the encourage-
ment and promotion of projects involving new ventures, business ex-
pansion and plant expansion (including divestment and privatisation
of public sector owned and or controlled companies, corporations
and authorities) which are geared towards increasing exports and or
fostering import substitution and or increasing hard currency earn-
ings and or increasing production of goods or services which are pro-
jected to stimulate economic growth in the Signatory States in which
the investment and or funding is made.

2. ESTABLISHMENTAND MANAGEMENT OF THE FUND:

2.1 ICWI shall be responsible for the establishment of the Fund which
shall be capitalised at a minimum of Fifty Million United States Dol-
lars (US$50, 000, 000) in two tranches. The first tranche or a mini-
mum of USS25,000,000 shall be subscribed and paid up within 365
days ofthe entry into force of this Agreement. The second tranche
comprising the difference between the capital of the Fund and the
amount of the first tranche shall be subscribed and paid up within two
years of the latest date for subscription of the first tranche.

2.2 ICWI shall be responsible for promoting the Fund and for procuring
suitable managers of the Fund. The appointment of members of the
Board of the Fund shall be made in accordance with the Charter and
By-Laws of the Fund.

2.3 Unless the Signatory States otherwise determine, if the first tranche
is not fully subscribed and paid up within the period required by Clause
2.1 hereof this Agreement will forthwith terminate.

2.4 In the event that the Signatory States determine that this Agreemen:
should be terminated as provided in Clause 2.3 hereof, this Agree-
ment shall terminate without ICWI incurring any liability whatso-
ever to the Signatory States.

No. 13 of 2000. The Caribbean Investment Fund 5 ANTIGUA
Agreement (Implementation) Act 2000. AND

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2.5 In the event that the Signatory States determine that this Agreement
should not be terminated as provided in Clause 2.3 hereof, then such
of the first tranche as has not been subscribed and paid up shall form
part of the second tranche to be subscribed and paid up within the
further period required by Clause 2.1 hereof

2.6 If the second tranche (including such amount of the first tranche pur-
suant to Clause 2.5 if applicable) is not fully subscribed within the
period required by Clause 2.1 hereof, ICWI shall not incur any liabil-
ity whatsoever to the Signatory States and the provisions of Clause
12 shall cease to apply, unless the Signatory Slates otherwise deter-
mine.

3. SUBSCRIPTION OF CAPITAL TO THE FUND:

3.1 The investment in the Fund shall be in hard currency. For this pur-
pose, it shall be denominated in US Dollars.

4. CONCESSIONS AND PRIVILEGES OF THE FUND:

4.1 ICWI and the Signatory States recognise that the grant of certain con-
cessions and privileges to the Fund for a certain period of time will
facilitate the establishment and operation of the Fund and enhance its
viability and that the grant of concessions and privileges is subject to
legislative and or administrative authority as required in the respec-
tive Signatory States.

4.2 In consideration of the Fund becoming duly established as provided
herein and of the Fund pursuing the objectives of Clause 1.2 in the
Signatory States, each Signatory State hereby undertakes to ensure
that the following concessions and privileges are granted to and may
be enjoyed by the Fund, in its territory -

4.2.1 The Fund's operations may be established in any Signatory State
and the Signatory States will promptly provide all consents and
approvals necessary for the establishment of the Fund's opera-
tions in their respective territories without any restrictions;

4.2.2 The Fund shall be entitled to acquire, hold and dispose of both
real and personal property whether by way of purchase, mort-
gage, charge, transfer, sale or otherwise without any restric-
tion;

4.2.3 The shares of the Fund shall be freely transferable both within
and outside of the Signatory States to residents and non-resi-
dents thereof without any restrictions;

4.2.4 The Signatory States will promptly provide all consents and

ANTIGUA 6 The Caribbean Investment Fund No. 13 of 2000.
AND Agreement (Implementation) Act 2000.

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approvals necessary in order to permit or provide that any re-
strictions (including, without limitation, exchange control re-
strictions) contained in any legislation or governmental or
statutory order from time to time in force in any of the Sig-
natory States shall not be applicable to: -

4.2.4.1 any investment or subscription in the Fund whether
made inside or outside and whether made by residents
or non-residents of Signatory States;

4.2.4.2 gold and any currency held by the Fund whether is-
sued by the Signatory States or not;

4.2.4.3 securities of any nature whatsoever including but not
limited to shares, stocks, bonds, notes, debentures, de-
benture stocks, mortgages, charges or liens on realty,
and personalty and units under a unit trust scheme
whether issued by the Fund as part of its capitalisation
or issued to the Fund as a result of any investment by
the Fund including investment in or funding provided
by the Fund in any project in a Signatory State;

4.2.4.4 any real and personal property and any certificates of
title in relation thereto which form part of or affecting
any Project in which the Fund has invested or pro-
vided funding in a Signatory State;

4.2.4.5 the remittance by the Fund of any profits, dividends,
capital gains, interest and other income and revenues
of whatsoever nature of and in the Fund and the pro-
ceeds of any sales, transfer or other disposition of any
shares of the Fund and of any securities issued by or to
the Fund.

4.2.5 The Signatory States will promptly provide all consents and
approvals necessary in order to permit or provide that no taxes,
duties, levies or imposts shall be payable on or levied in respect
of any or all of the following: -

4.2.5.1 Subscriptions to or investments in the Fund and any
securities issued by the Fund;

4.2.5.2 Revenues, income, dividends, interest or profits of
whatsoever nature accruing to the Fund from any

No. 13 of 2000. The Caribbean Investment Fund 7 ANTIGUA
Agreement (Implementation) Act 2000. AND

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project in which the Fund has made an investment
andlor provided funding;

4.2.5.3 The Proceeds of sale, transfer or other disposition of
any securities issued to the Fund as a result of any in-
vestment in andlor funding to any project by the Fund
pursuant to the objectives for which the Fund was es-
tablished;

4.2.5.4 Any revenue, profits (including capital profits), capi-
tal gains, and income generated by the Fund;

4.2.5.5 Remittances of any interest, dividends, distributions
or other payments paid by the Fund to any subscriber,
investor or shareholder in the Fund.

4.3 Unless otherwise agreed by the parties in writing, the Signatory States and
each of them shall not be obliged to extend any or all of the concessions and
privileges which they are obliged to grant to the Fund beyond ten (10) years
from the date of the subscription of the second tranche under Clause 2.1 hereof.

4.4 At the expiration of five (5) years from the date of .the subscription of the
second tranche under Clause 2.1 hereof, the parties shall either directly or through
the Advisory Board consult and discuss the desirability of extending the conces-
sions and privileges granted to and enjoyed by the Fund and if considered desir-
able the concessions and privileges granted to and enjoyed by the Fund shall be
duly extended for such period as the Signatory States consider appropriate.

5. LIMITATION ON INVESTMENT IN A PROJECT:

5.1 The Fund, in consultation with the Fund's managers, shall from time to
time set the investment policy of the Fund in projects and the minimum and maxi-
mum investment by the Fund in any single project.

6. POLICY ON INVESTMENT IN SIGNATORY STATES:

6.1 The Fund, in consultation with the Fund's managers, shall set the invest-
ment policy of the Fund in projects in Signatory States but they will nevertheless
give due consideration to investing in every participating Signatory State from
time to time. It is acknowledged that there is no obligation on the Fund and/or the
Fund's managers to invest in any particular Signatory State.

7. START UP DATE:

7.1 The proposed start up date of the Fund is 90 days after the entry into force
s f this Agreement.

ANTIGUA 8 The Clzribbean Investment Fund No. 13 of 2000.
AND Agreetnet~t (Implementation) Act 2000.

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8. PKOMOTIOR OF CAPITAL MARKETS:

8.1 The Fund and the Fund's managers will use their best endeavours to ensure
that generally investment by the Fund will be in projects which will promote and
enhance the capital markets in the Signatory States.

9. INVESTMENT OF FUNDS:

9.1 Not less than 75 per cent of the funds from the first tranche and not less
than 75 per cent of the total funds from both (ranches shall, within two and three
years, respectively, of the entry into force of this Agreement, be invested in projects
contemplated in (:lause I .

9.2 If the Fund fails to satisfy the requirements of Clause 9.1, the provisions of
Clause 12 shall cease to apply unless the Signatory States otherwise determine.

10. BORROWING BY THE FUND:

10.1 Nothing contained in this Agreement shall restrict the Fund's right to
borrow money from time to time and use same or any part thereof to invest in
projects contemplated by Clause 1 .

1 1 . ADVISORY BOARD:

1 1.1 There shall be an Advisory Board consisting of not more than 7 members
to be appo~nted by the countries listed in Item 1 of the Schedule which become
parties to this Agreement. Subject to Clause 11.2, each participating country shall
have the right to appoint one (1) member to the Advisory Board.

1 1.2 For the purposes of Clause 1 1.1, such member counties of the Organisation
of Eastern Caribbean States (OECS) and such Associate Members which become
parties to this Agreement, shall have the right collectively to appoint only one (1)
nlenlber to the Advisory Board.

1 1.3 The function ot'tht. :\dvisory Board shall be to monitor the performance
of the Fund and to liaise bctween the Signatory States and the Fund on matters
relating to this Agreement and the performance of the Fund.

11.4 The Fund will provide written quarterly reports to the Advisory Board
indicating the investments in andlor funding provided to projects by the Fund
and the investment of its funds in non-project activities. The reports shall also
include an outline of the status of projects being investigated for investment and/
or funding.

No. 13 of 2000. The Caribbean Investment Fund 9 ANTIGUA
Agreement (Implementation) Act 2000. AND

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12. EXCLUSIVITY OF FUND:

12.1 The Signatory States recognise that in order for the Fund to be successful
and meet its objectives, the Fund needs exclusivity for investment in the Signa-
tory States for a period of not less than 5 years and to this end undertake not to
grant to any other CARICOM Regional Fund or institution, that is to say, a
CARICOM Regional Fund or institution established by an Agreement open for
signature by all CARICOM Member States, the concessions and privileges or
any of them granted to the Fund under Clause 4.

12.2 During the existence of the Fund, the Signatory States undertake not to
grant to any other fund or institution which is established to operate regionally in
the Signatory States in competition with the Fund, any concession and privileges
more favourable than those granted to the Fund from time to time.

13. ENTRY INTO FORCE:

13.1 Subject to Clause 13.2 this Agreement shall enter into force when it has
been duly executed by ICWI and any number of the Signatory States 1; ed in the
Schedule hereto which number niust include any three of the States of Barbados,
Guyana, Jamaica and Trinidad and Tobago.

13.2 If this Agreement is not executed pursuant to Clause 13.1 within 60 days
of the date that the CARICOM Secretary-General declares it to be open for signa-
ture, this Agreement shall not enter into force unless ICWI and the prospective
Signatory States determine otherwise.

13.3 None of the parties hereto shall incur any liability to the other until after
the date that this Agreement shall enter into force.

14. ADDITIONAL PARTIES TO THE AGREEMENT:

14.1 The parties hereto affirm that it is their intention that upon the incorpora-
tion of the Fund, the rights and obligations to be carried out and performed by the
Fund and the Signatory States under this Agreement shall be binding on each of
the Fund and the Signatory States. To this end, the parties hereto hereby ac-
knowledge and agree each with the other than on its incorporation the Fund will
become a paity to this Agreement by depositing with the Secretary-General of
the Caribbean Community at the Caribbean Community Secretariat a written no-
tice duly executed by the Fund under its common seal stating that it undertakes to
be bound by the terms and conditions of this Agreement as if it had beea a signa-
tory hereto at the time of execution by the other parties. The deposit of the
abovementioned notice will create a valid and binding Agreement between the
Fund and ~11:le Signatory States, collectively and individualy, as if the Fund had

ANTIGUA 10 The Caribbean Investment Fund No. 13 of 2000.
AND Agreement (Implementation) Act 2000.

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been an original party and signatory hereto.

14.2 The parties hereto acknowledge and recognise that non-signatory Mem-
ber States or Associate Members of CARICOM listed in Item I of the Schedule
hereto at the time this Agreement enters into force and countries to which para-
graph 2 of the Schedule to this Agreement refers may wish to become parties to
this Agreement subsequent to the entry into force of this Agreement. The parties
hereto hereby acknowledge and agree each with the other than any w ember State
or Associate Member of CARICOM shall be entitled at any time to sign the
counterpart of the l" greement deposited with the Secretary-General of the Carib-
bean Community aT the Caribbean C o m l n i t y Secretarial pursuant to C1- 17
below and the sign' ,g therecf by ale Govemnnent of such Member State or Asso-
ciate Member and rach of them as if such Member State or Associate Member
had been an original party and signatory hereto.

15. RELEASE OF OBLIGATIONS:

15.1 After delivery of the written notice by the Fund under Clause 14.1 and
after the date for subzcription of the f i s t and second tranches referred to in Clause
2.1, ICWI shall be deemed to have performed all of its obligations under this
Agreement and shall be released from this Agreement.

16. AMENDMENTS:

16.1 This Agreement may be amended by consent of the parties hereto.

16.2 No amendment to this Agreement shall be binding on the parties unless it
is in writing and duly executed by all the parties to the Agreement. Any such
document amending this Agreement shall be deposited with the Pccretary-Gen-
era1 of the Caribbean Community at the Caribbean Community Secretariat within
30 days of its execution.

17. DEPOSIT OF AGREEMENT.

17.1 This Agreement shall be deposited with the Secretary-General of the Car-
ibbean Community and the Secretary-General shall furnish each party to this
Agreement with a certified copy thereof.

18. JURISDICTION FOR REGISTRATION OF THE FUND:

18.1 The parties hereto agree that, at the discretion of ICWI and the Fund, the
Fund shall be registered in a jurisdiction highly conducive to the enhancement of
the attractiveness of the Fund in the eyes of prospective investors.

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19. ADMINISTRATIVE HEADQUARTERS OF THE FUND:

19.1 The Administrative Headquarters of the Fund shall be in Jamaica.

20. CHOICE OF LAW:

20.1 The parties hereto agree that prior to the written notice by the Fund under
Clause 14. 1, this Agreement shall be governed by the laws of Jamaica.

20.2 The parties hereto agree that upon delivery of the written notice by the
Fund under Clause 14. 1, this Agreement shall be governed by the laws of En-
gland.

21. ARBITRATION:

2 1.1 The parties hereto agree that:-

2 1.1.1 In the event of controversy, dispute or question aris-
ing out of or in connection with or in relatic n to this
Agreement or its interpretation, performance or non-
performance or any breach thereof, the matter shallfust
be subjected to negotiation.

2 1.1.2 If the controversy, dispute or question is not resolved
by negotiation pursuant to Clause 2 1.1.1 hereof within
30 days, it shall be ie-ferred to arbitration,

2 1.1.3 All controversy, dispute or questions arising in con-
nection with this Agreement, save and except as here-
inafter provided, shall be finally settled under the Rules
of Conciliation and Arbitration of the International
Chamber of Commerce by one arbitrator appointed in
accordance with the said Rules.

2 1.1.4 If any event giving rise to any controversy, dispute or
question arises prior to ICWI being released under
Clause 15. 1, then such controversy, dispute or ques-
tion shall be finally settled by arbitration before a single
arbitrator under the Rules of Arbitration in accordance
with the Arbitration Act of damaica as amended from
time to time.

ANTIGUA 12 The Caribbean Investment Fund No. 13 of 2000.
AND Agreement (Implementation) Act 2000.

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Annex to
APPENDIX I

SCHEDULE

Antigua and Barbuda
The Bahamas
Barbados
Belize
Dominica
Grenada
Guyana
Jamaica
Montserrat
St. Kitts and Nevis
Saint Lucia
St. Vincent and the Grenadines
Trinidad and Tobago
The British Virgin Islands
The Turks and Carcos Islands

2. Any other country which becomes a Member State of the Caribbean Com-
munity or an Associate Member of the Caribbean Community.

PART II

SUPPLEMENTAL AGREEMENT

Supplemental Agreement to the Agreement Establishing
the Caribbean Investment Fund

This Agreement made between the Governments of the Member States and
Associate Members of the Caribbean Community (CARICOM) which are sig-
natories to the Agreement Establishing the Caribbean Investment Fund which
entered into force on October 15, 1993 (hereinafter referred to as "the Signa-
tory States") and ICWI Group Limited of 28-48 Barbados Avenue, Kingston
5 in the Parish of St. Andrew, Jamaica (hereinafter called "ICWI"), WIT-
NESSETH AS FOLLOWS: That the Parties hereto have agreed that the Agree-
ment Establishing the Caribbean Investment Fund which entered into force
on October 15, 1993 (hereinafter referred to as "the Original Agreement") is
hereby amended pursuant to Clause 16 of the Original Agreement by this
Agreement (hereinafter referred to as "the Supplemental Agreement'" in the
following material particulars: -

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1. OBJECTIVES:

2.
(1 ) The objectives of the Caribbean Investment Fund (hereinafter called "the

Fund") as described in the Original Agreement shafl be extended to r emi t in-
vestment by the Fund, of up to a maximum of 40% of the capital thereof ~II the
countries listed in the Schedule to this Supplemental Agreement, provided that
the managers of the Fund, after due consideration, have reasonably concluded
that the investment opportunities in the Signatory States as contemplated by the
objectives of tlie Original Agreement will. from time to time, be insufficient to
provide a competitive return to investors in the Fund.

1.2 The Fund shall at all times give priority to investments of equal opportu-
nity to investment in the Signatory States under the Original Agreement.

1.3 The objectives established in the Original Agreement shall equally apply
to investment by the Fund in the countries listed in the Schedule to this Agree-
nzent.

2. ESTABLISHMENT OF THE FUND:

2.1 ICWI shall establish the Fund which shall be capitalised at a minimum of
Fifty Million United States Dollars (US$50,000,000) within 365 days of this
Supplemental Agreement entering into force. Subscription shall be m two tranches:
the first tranche or a minimum of US$25,000,000 shall be subscribed and paid up
within 180 days of the entry into force of thrs Supplemental Agreement. Tlie
second tranche comprising the difference between the capital of the Fund and the
amount of the first tranche shall be subscribed an^: paid up within 365 day of :he
entry into force of the Supplemental Agreement. In the event that the Fl~nd i s not
fully capitalised within 365 days of this Supplemental Agreement entenrig mto
force, the Original Agreement and this Supplemental Agreement shall forttw~th
terminate unless the Signatory States otherwise determine.

2.2 In the event that the Signatory States determine that the Original Agree
ment and this Supplemental Agreement should be terminated as provided in Clause
2.1 hereof, the Original Agreement and this Supplemental Agreement shall ter-
minate without ICWI incurring any liability whatsoever to the Signatory States.

3. CONCESSIONS AND PRIVILEGES OF THE FUND:

3.1 The period of ten (1 0) years referred to in Clause 4.3 of the Original Agree-
ment shall run from the date of the establishment of the Fund as provided herein.

3.2 The period of five (5) years referred to in Clause 4.4 of the Original Agree-
ment wall run from the date of the establishment of the Fund as provided herein.

ANTIGUA 14 The Caribbean Investment Fund No. 13 of 2000.
AND Agreement (Implementation) Act 2000.

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4. INVESTMENT OF FUNDS:

4.1 Clause 9. 1 of the Original Agreement shall be amended to provide that not
less than 75% of the minimum amount to be invested in the Signatory States
pursuant to this Supplemental Agreement be invested in projects in the Signatory
States contemplated in Clause I of the Original Agreement within three yearsfrom
the establishment of the Fund, failing which the provisions of Clause 12 "EX-
CLUSIVITY OF FUND " of the Original Agreement shall cease to apply unless
the Signatory States otherwise determine.

5. ENTRY INTO FORCE.

5.1 This Supplemental Agreement shall enter into force when it has been duly
executed by ICWI and the Signatory States which have executed the Original
Agreement.

5.2 If this Supplemental Agreement is not executed pursuant to Clause 5.1
hereof within 60 days of the date the CARICOM Secretary-General declares it to
be open for signature, this Supplemental Agreement shall not enter into force
unless ICWI and the Signatory States determine otherwise.

5.3 None of the Parties to the Original Agreement shall incur any liability to
the other if this Supplemental Agreement shall not enter into force.

5. ADDITIONAL PARTIES TO THIS SUPPLEMENTAL AGREEMENT:

6.1 The Parties hereto acknowledge and recognise that non-Signatory Mem-
ber States or Associate Members of CARICOM listed in Item 1 of the Schedule
of the Original Agreement at the time this Supplemental Agreement enters into
force and countries to which paragraph 2 of the Schedule to the Original Agree-
ment refers may wish LO become Parties to this Supplemental Agreement subse-
quent to its entry into force. The Parties hereto hereby acknowledge and agree
with each other that any Member State or Associate Member of CARICOM shall
be entitled at any time to sign the counterpart of this Supplenlental Agreement
deposited with the Secretary-General of the Caribbean Community at the Carib-
bean Community Secretariat pursuant to Clause 8.1 hereof and the signing thereof
by the Government of such Member State or Associate Member and each of them
as if such Member State or Associate Member had been an original party and
signatory hereto.

7. KELEASE OF OBLIGATIONS:

7.1 After delivery ofthe written notice by the Fund pursuant to Clause 14. 1 of

No. 13 of 2000. The Caribbean Investment find 15 ANTIGUA
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BAWBUPA

the 3riginal Agreement and after the time provided for subscription to the Fund
referred to in Clause 2.1 hereof, lCWI shall, nowithstanding anything to the
contrary conf ained in the Orig~~ral Agreement and this Supplemental Agreement,
Fc deemed to have ~erforaned all ~ t s oblngations ur:der the Original Agrezment
and this Supplemental Agreement and shall be released thrle fxom

9.1 This Supplemental Agreement shall be deposited with the Secretary-Gen-
era1 of the Caribbean Community and the Secretary-Gene~al shall provide each
party to this Supplemental Agreement wit11 a certified copy thereof.

Annex to
APPEWDIX I1

SCHEDULE

Colombia
Costa Rica
Cuba
The Dominican Republic
El Salvador
Guatemala
Haiti
Honduras
The United States of Mexico
Aruba and The Netherlands Antilles
Nicaragua
Panama
Venezuela
Bermuda
Cayman Islands

PART 111

AGREEMENT CONCERNING THE CARIBBEAN INVESTMENT
FUND

This Agreement made on the day ofAugust 1998 between the Governments
of the Member States and Associate Members of'the Caribbean Community which
are signatories to the Agreement Establishing the Caribbean Investment Fund
(hereinafter called Signatory States") and the ICWI Group Limited of 28-48
Barbados Avenue, Kingston 5 in the Parish of St. Andrew, Jamaica (hereinafter
call td '"CWI"),

ANTIGUA 16 The Caribbean Investment Fund No. 13 of 2000.
A N D Agreement (Implementation) Act 2000.

BARBUDA

WilNESSETH as follows:

The Parties to the Agreement Establishing the Caribbean Investment Fund
(herelnafii:~ called "the F u n d ) wh~ch entered into force on the 15th day of Octo-
ber 1993 (heremafter called "the Original Agreement") have made the commit-
ments specified in the Original Agreement which appears at Appendix 1 to this
Agreement;

The Parties to the Original Agreement concluded a Supplemc-tal Agreement
which entered into force on the 26th day of October 1996 (hereinafter called "the
Supplemental Agreement") amending the Original Agreement and which Supple-
mental Agreement appears at Appendix 11 to this Agreement;

The Signatory States of the Original Agreement recognise that their omission
to implement in a timely way the enabling legislation to accord the agreed con-
cessions and privileges to the Fund as required by the said Original Agreement
and Supplemental Agreement, coupled with unfavourable conditions in interna-
tional capital markets, adversely affected the ability of ICWI to mobilise the re-
sources for the operation of the Fund;

The Signatory States of the Original Agreement by the relevant decisions of
the Conference of Heads of Government (hereinafter called "the Conference")
reached at the 14th and 15th Meetings of the Conference agreed, inter alia, to
extend the time limit for the mobilisation of the resources and the registration of
the Fund;

2. ESTABLISHRIEN?' OF THE FUND:

2.1 ICWI shall est; olish the Fund which shall be capitaiised at a minimum of
Fifty Million United States Dollars (US$50,000,000) within 365 days of this
Supplemental Agreement entering into force. Subscription shall be in two tranches:
the first tranche or a minimum of US$25,000,000 shall be subscribed and paid up
within 180 days of the entry into force of this Supplemental Agreement. The
second tranche comprising the difference between the capital of the Fund and the
amount of the first tranche shall be subscribed and paid up within 365 days of the
entry into force of the Supplemental Agreement. In the event that the Fund is not
fully capitalised within 365 days of this Supplemental Agreement entering into
force, the Original Agreement and this Supplemental Agreement shall forthwith
terminate unless the Signatory States otherwise determine.

2.2 In the event that the Signatory States determine that the Original Agree-
ment and this Supplemental Agreement should be terminated as provided in Clause

No. 13 of 2000. The Caribbean Investment Fund 17 ANTIGUA
Agreement (Implementation) Act 2000. AND

BARBUDA

2. 1 hereof, the Original Agreement and this Supplemental Agreement shall ter-
minate without ICWI incurring any liability whatsoever to the Signatory States.

3. CONCESSIONS AND PRIVILEGES OF THE FUND:

3.1 The period of ten (1 0) years referred to in Clause 4.3 of the Original Agree-
ment shall run from the date of the establishment of the Fund as provided herein.

3.2 The period of five (5) years referred to in Clause 4.4 of the Original Agree-
ment shall run from the date of the establishment of the Fund as provided herein.

4. INVESTMENT OF FUNDS:

4.1 Clause 9. 1 of the Original Agreement shall be amended to provide that not
less than 75% of the minimum amount to be invested in the Signatory States
pursuant to this Supplemental Agreement be invested in projects in the Signatory
States contemplated in Clause 1 of the Original Agreement within three years
from the establishment of the Fund, failing which the provisions of Clause 12
"EXCLUSIVITY OF FUND" of the Original Agreement shall cease to apply unless
the Signatory States otherwise determine.

Signed by
for THE GOVERNMENT OF THE BAHAMAS on
at
on behalf of THE BAHAMAS.

Signed by
for THE GOVERNMENT OF BARBADOS on
at
on behalf of BARBADOS.

Signed by
for THE GOVERNMENT OF BELIZE on
at
on behalf of BELIZE.

Signed by
for THE GOVERNMENT OF DOMINICA on
at
on behalf of DOMINICA.

Signed by
for THE GOVERNMENT OF GRENADA on
at
on behalf of GRENADA.

ANTIGUA 18 The Caribbean Investment Fund No. 13 of 2000.
AND Agreement (Implementation) Act 2000.

BARBUDA

Signed by
for THE GOVERNMENT OF GUYANA on
at
on behalf of GUYANA.

Signed by
for THE GOVERNMENT OF JAMAICA on
at
on behalf of JAMAICA.

Signed by
for THE GOVERNMENT OF MONTSERRAT on
at
on behalf of MONTSERRAT

Signed by
for THE GOVERNMENT OF ST KITTS AND NEVIS on
at
on behalf of ST. KITTS AND NEVIS.

Signed by
for THE GOVERNMENT OF SAINT LUCIA on
at
on behalf of SAINT LUCIA.

Signed by
for THE GOVERNMENT OF ST. VINCENT AND THE GRENADINES on

at
on behalf of ST. VINCENT AND THE GRENADINES.

Signed by
for THE GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TO-
BAGO on
at
on behalf of THE REPUBLIC OF TRINIDAD AND TOBAGO.

Signed by
for THE GOVERNMENT OF THE BRITISH VIRGIN ISLANDS on

at
on behalf of THE BRITISH VIRGIN ISLANDS.

No. 13 of 2000. The Caribbean Investment Fund 19 ANTIGUA
Agreement (Implementation) Act 2000. AND

BARBUDA

Signed by
for THE GOVERNMENT OF THE TURKS AND CAICOS ISLANDS on

at
on behalf of THE TURKS AND CAICOS ISLANDS.

Signed by For ICWI GROUP LIMITED on
at

.............. August 1998.

\ PART IV

DECISION OF THE CONFERENCE OF HEADS OF GOVERII WENT
REACHED A ITS FIFTEENTH MEETING

[Rep. 94115147HGCJ

CARIBBEAN INVESTMENT FUND (CIF

THE co&RENcE:
Noted the report from the SCMF that -

(i) the Agreement for the establishment of the CIF entered into force on 15
October 1993, with the signature of the Agreement by the Government of Guyana;

(ii) a Joint Venture Company between the ICWI and Foreign and Colonial
Emerging Markets Limited of Condon had been formed to manage the Fund;

(iii) the CIF ha3 not yet been registered by the ICWI;

(iv) Member States had not yet enacted the domestic legislation or put in
place the administrative arrangements required to provide the agreed incentives
to the CIF but had the matter under active consideration;

//

(v) some Member States were still to amend existing legislation which will
otherwise constrain the operation of the Fund in their respective jurisdictions;

(vi) The Bahamas, Grenada, the British Virgin Islands and the Turks and Caicos
Islands had not yet signed the Agreement establishing the CIF,

ANTIGUA 20 The Caribbean Investment Fund No. 13 of 2000.
AND Agreement (Implementation) Act 2000.

BARBUDA

(vii) the ICWI had requested an extension of the period provided in the Agree-
ment to mobilise the f is t tranche of US$25M;

(viii) the provision relating to the registration of the Fund had not been satis-
fied and will also need to be extended;

Agreed -

(i) to extend the period for registration of the Fund to 15 October 1994;

(ii) to extend the period required to mobilise the first tranche of the resources
by 180 days;

Requested the CARICOM Secretariat to work with the lCWl to determine the
amendment to the Agreement to give effect to the agreed extensions;

Urged -

(i) Member States concerned to expedite action to put in place the domestic
legislation required to provide the incentives to the CIF, and to amend, where
necessary, their domestic legislation to facilitate the operation of the Fund in
their respective jurisdictions;

(ii) Member States, which had notyet signed the Agreement '3r the CIF, to
seek to do so.
DECISION OF THE CONFERENCE OF HEADS OF GOVERNMENT
REACHED AT ITS SIXTEENTH MEETING

[ Rep. 9511 6159HGC ]

CARIBBEAN INVESTMENT FUND (CIF')

THE CONFERENCE:

Having considered this Item in Caucus,

Noted that the Governments of Grenada and The Bahamas have, since the last
Meeting of Finance Managers, signed the Agreement for the establishment of
the CIF;

A to grant the ICWI Group of Companies a further extension until 1 July 1996
mobilise resources for the first tranche of the CIF;

No. 13 of 2000. The Caribbean Investment Fund 21 ANTIGUA
Agreement (Implementation) Act 2000. AND

BARBUDA

Urged that the ICWI Group of Companies use its best
endeavours to mobilise the financing for the fust tranche of the
CIF before 1 July 1996;

Also urged all Member States which have not yet done so,
to implement the necessary legislation to facilitate the opera-
tion of the CIF.

DECISION OF THE CONFERENCE OF HEADS OF
GOVERNMENT

REACHED AT ITS NINETEENTH MEETING

CARIBBEAN INVESTMENT FUND (CIF)

THE CONFERENCE

Agreed to enter into a new Agreement with the Insurance
Company of the West Indies (IC'NI) for a Caribbean Invest-
ment Fund (CIF) incorporating the exclusivity provision which
is a pre-existing contractual obligation;

Also agreed that, to give effect to the Agreement, the States
which are parties to it, will, if necessary, seek a WTO waiver;

Further agreed that the period to operationalise the Carib-
bean Investnient Fund (CIF) is extended to 3 1 March 2 999;

Urged Member States to enact relevant legislation taking
into account the deadline set for ICWI to operationalise the Fund;

Agreed that in the light of the pre-existing commitments to
the ICWI, the Community would not be in a position to grant
any other Investment Fund concessions and privileges similar
to those being provided to the CIF;

Also agreed that there was no objection to the Common-
wealth Development Corporation (CDC) or any other promoter
establishing an Investment Fund and obtaining the concessions
available under national legislation.

19& August 1998

ANTIGUA 22 The Caribbean Investment Fund No. 13 of 2000.
AND Agreement (Implementation) Act 20013.

BARBUDA

Passed the House of Representatives Passed the Senate this 20th day of
this 8th day of June ,2000. June, 2000.

B. Harris,
Speaker.

Senator Llewellyn Smith,
Vice President.

Sylvia Walker, Sylvia Walker,
Clerk to the House of Representatives. Clerk to the Senate.

Printed at the Government Printing Office, Antigua and Barbuda,
by Donovan Southwell, Government Printer

- By Authority, 2000.
800-8-00 [Price $8.201
Read Entire Law on laws.gov.ag