Chapter 77:04 - Caribbean Investment Fund

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L.R.O. 1/2012
LAWS OF GUYANA
CARIBBEAN INVESTMENT FUND ACT
CHAPTER 77:04
Act
4 of 2000
1 – 33 ... 1/2012 (inclusive) by L.R.O.
Pages Authorised
Current Authorised Pages
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Note
on
Subsidiary Legislation
This Chapter contains no subsidiary legislation.
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CHAPTER 77:04
CARIBBEAN INVESTMENT FUND ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title and commencement.
2. Interpretation.
3. Approval of Agreement concerning the Caribbean Investment Fund
and Fund Agreement.
4. Certain provisions of Fund Agreement given force of law in Guyana.
5. Power of Minister to make order.
6. Amendment of Appendix I or Appendix II of the Schedule and
matters consequential thereon.
SCHEDULE
__________________________

4 of 2000 AN ACT to give effect to the Agreement establishing the
Caribbean Investment Fund and to provide for matters
connected therewith.
[1ST OCTOBER, 1998]
Short title.
Interpretation.
1. This Act may be cited as the Caribbean Investment
Fund Act.

2. In this Act -
“the Fund” means the Caribbean Investment Fund
established by the Fund Agreement;
“the Fund Agreement” means the Agreement establishing the
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Schedule
Schedule
Approval of
Agreement
Concerning the
Caribbean
Investment
Fund and Fund
Agreement.
Schedule
Certain
provisions of
Fund
Agreement
given force of
law in Guyana.
Power of
Minister to
make order.
Caribbean Investment Fund as amended by the
Supplemental Agreement, the original of which is
deposited with the Secretary-General of the Caribbean
Community Secretariat and of which the text of the
original clauses is set out in Appendix I of the Schedule;
“Minister” means the Minister responsible for investment;
“the Supplemental Agreement” means the Agreement
amending the Fund Agreement the original of which is
deposited with the Secretary-General of the Caribbean
Community Secretariat and of which the text of the
clauses is set out in Appendix II of the Schedule.
3. (1) Acceptance by the Government of the
Agreement concerning the Caribbean Investment Fund and
Fund Agreement are hereby approved.

(2) In this section “the Agreement Concerning the
Caribbean Investment Fund” means the Agreement
incorporating the Fund Agreement and the Supplemental
Agreement which is deposited with the Secretary-General of
the Caribbean Community Secretariat and of which the text of
the clauses is set out in the Schedule.
4. The provisions of clauses 4.2 and 12.2 of the Fund
Agreement of Fund shall have the force of law in Guyana.
5. The Minister may, by order, make such provisions,
as he may consider necessary or expedient for giving effect to
any provisions of the Fund Agreement.
6. (1) Where any amendment to the Fund Agreement
is accepted by the Government, the Minister may, by order,
amend Appendix I or Appendix II of the Schedule by
including therein the amendment so accepted.
consequential and matters
the Schedule
Appendix II of
Appendix I or
Amendment of

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thereon. (2) Any order made under this section may contain
such consequential, supplemental or ancillary provisions as
appear to the Minister to be necessary or expedient for the
purpose of giving due effect to the amendment accepted as
aforesaid and, without prejudice to the generality of the
foregoing, may contain 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 construed as a reference to the
Agreement as so amended.
Sections 2, 3
and 6


SCHEDULE
AGREEMENT CONCERNING THE CARIBBEAN
INVESTMENT FUND


This Agreement made on the __________ day of
August 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 “the Signatory States”)
and the ICWI Group Limited of 28 – 48 Barbados Avenue,
Kingston 5 in the Parish of St. Andrew,
Jamaica (hereinafter called “ICWI”),

WITNESSETH as follows:
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WHEREAS:
The Parties to the Agreement Establishing the
Caribbean Investment fund (hereinafter called “the
Fund”) which entered into force on the 15th day of
October 1993 (hereinafter called “the Original
Agreement”) have made the commitment specified in
the Original Agreement which appears at Appendix 1
to this Agreement;

The Parties to the Original Agreement concluded a
Supplemental Agreement which entered into force on
the 26th day of October 1996 (hereinafter called “the
Supplemental Agreement”) amending the Original
Agreement and which Supplemental Agreement
appears at Appendix II 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
concessions and privileges to the Fund as required by
the said Original Agreement and Supplemental
Agreement, coupled with unfavourable conditions in
international capital markets, adversely affected the
ability of ICWI to mobilise the resources 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


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APPENDIX 1
PART 1: ORIGINAL AGREEMENT
Agreement between the ICWI Group and
CARICOM Governments on the Establishment of the
Caribbean Investment Fund
This Agreement made between the Government of the
Member states and Associate Members of the Caribbean
Community (CARICOM) listed in paragraph 1 of the
Schedule to this Agreement (hereinafter referred to as “the
Signatory States”) and the ICWI Group Limited of 2 St. Lucia
Avenue, Kingston 5 in the Parish of St. Andrew, Jamaica
(hereinafter 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
Caribbean Investment Fund (hereinafter called
“the Fund”) the main objects 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 shares issues, joint venture participation,
project financing, and loan funding.

1.2 The main thrust of investment by the Fund shall
be the encouragement and promotion of
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projects involving new ventures, business
expansion 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 earnings and/or increasing production
of goods and services which are projected to
stimulate economic growth in the Signatory
States in which the investment and/or funding
is made.
2. ESTABLISHMENT AND MANGEMENT 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 State Dollars
(US$50,000,000) in two tranches. The first
tranche or a minimum of US$25,000,000 shall be
subscribed and paid up within 365 days of the
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 the 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 the members of the
Board of the Fund shall be made in accordance
with the Chapter and By-Law 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.
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2.4 In the event that the Signatory States determine
that this Agreement should be terminate as
provided in Clause 2.3 hereof, this Agreement
shall terminate without ICWI incurring any
liability whatsoever to the Signatory States.
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 pursuant to Clause 2.5 if
applicable) is not fully subscribed within the
period required by Clause 2.1 hereof, ICWI shall
not incur any liability whatsoever to the
Signatory States and provisions of Clause 12 shall
cease to apply, unless the Signatory States
otherwise determine.
3. SUBSCRIPTION OF CAPITAL TO THE FUND:

3.1 The investment in the Fund shall be in hard
currency. For this purpose, it shall be
denominated in US Dollars.
4. CONCESSION AND PRIVILEGES OF THE FUND
4.1 ICWI and the Signatory States recognise that the
grant of certain concessions 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 respective Signatory States.
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4.2 In consideration of the Fund becoming duly
established as provided herein and of the Fund
pursuing the objective of Clause 1.2 in the
Signatory States, each Signatory State hereby
undertake 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 operation 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 operations 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,
mortgage, charge, transfer, sale or
otherwise without any restrictions;
4.2.3 The shares of the Fund shall be freely
transferable both within and outside of
the Signatory States to residents and non-
residents thereof without any
restrictions;
4.2.4 The Signatory States will promptly
provide all consents and approvals
necessary in order to permit or provide
that any restrictions (including, without
limitation, exchange controls restrictions)
contained in any legislation or
governmental or statutory order from
time to time in force in any of the
Signatory States shall not be applicable
to: -
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4.2.4.1 any investment or subscription in
the Fund whether made inside or
outside or whether made by
residents or non-residents of
Signatory States;

4.2.4.2 gold and any currency held by
the Fund whether issued by the
Signatory states or not;
4.2.4.3 securities of any nature
whatsoever including but not
limited to shares, stocks, bonds,
notes, debenture, debenture
stocks, mortgages, charges or
liens on realty, and personally
and units under a unit trust
scheme whether issued by the
Fund as part of its capitalization
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 that Fund has invested or
provided 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 proceeds
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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 project in which the Fund
has made an investment and/or
provided funding;
4.2.5.3 The proceeds of sales, transfer or
other disposition of any
securities issued to the Fund as a
result of any investment in
and/or funding to any project by
the Fund pursuant to the
objectives for which the Fund
was established;
4.2.5.4 Any revenue, profits (including
capital profits), capital gains,
income generated by the Fund;
4.2.5.5 Remittances of any interest,
dividends, distributions or any
other payments paid by the Fund
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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 or
privileges which they are obliged to grant to the
Fund beyond ten (10) years from the date of
subscription of the second tranche under Clause
2.1 hereof.

4.4 At the expiration of five (5) years from the date of
subscription of the second tranche under Clause
2.1 hereof, the parties shall either directly or
through the Advisory Board consult or discuss
the desirability of extending the concessions and
privileges granted to and enjoyed by the Fund
and if considered desirable 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 maximum 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 investment 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
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managers to invest in any particular Signatory
States.

7. START UP DATE:

7.1 The proposed start up date of the Fund is 90 days
after the entry into force of this Agreement.
8. PROMOTION OF CAPITAL MARKET

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 tranches shall within two
and three years, respectively, of the entry into
force of this Agreement, be invested in projects
contemplated in Clause 1.

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 in Clause 1.
11. ADVISORY BOARD:
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11.1 There shall be an Advisory Board consisting of
not more than 7 members to be appointed by
the countries listed in item 1 of the Schedule
which become parties to this Agreement.
Subject to Clause 11.2, each participating
countries shall have the right to appoint one (1)
members to the Advisory Board.

11.2 For the purpose of Clause 11.1, such member
countries 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) member to the Advisory
Board.
11.3 The function of the Advisory Board shall be to
monitor the performance of the Fund and to
liaise between 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
investment in and/or funding provided to
projects by the Fund and the investment of its
funds in non-project activities. The report shall
also include an outline of the status of projects
being investigated for investment and/or
funding.

12. EXCLUSIVITY OF FUND:

12.1 THE signatory States recognise that in order to
for the Fund to be successful and meet its
objectives, the Fund needs exclusivity for
investment in the Signatory States for a period
of not less than 5 years and to this end
undertake not to grant to any other CARICOM
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Regional Fund or institution, that is to say, a
CARICOM Regional Fund or institution
established by an Agreement open for signature
by all CARICOM Members 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 Signatory States listed
in the Schedule hereto which number must
include any three of the States of Barbados,
Guyana, Jamaica and Trinidad and Tobago.

13.2 If this Agreement is not execute pursuant to
Clause 13.1 within 60 days of the date that the
CARICOM Secretary-General declares it to be
open for signatures, this Agreement shall not
enter into force unless ICWI and 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 incorporation of the Fund, the
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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 acknowledge and
agree each with the other than on its
incorporation the Fund will become a party to
the Agreement by depositing with the
Secretary-General of the Caribbean Community
at the Caribbean Community Secretariat a
written notice 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 been a signatory 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 the Signatory States, collectively
and individually, as if the Fund had been an
original party and signatory hereto.

14.2 The parties hereto acknowledge and recognise
that non-signatory Member States or Associate
Members of CARICOM listed in item 1 of the
Schedule hereto at the time this Agreement
enters into force and countries to which
paragraph 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 Member State or Associate Member of
CARICOM shall be entitled at any time to sign
the counterpart of the Agreement deposited
with the Secretary-General of the Caribbean
Community at the Caribbean Community
Secretariat pursuant to Clause 17 below and the
signing thereof by the Government of such
Member State or Associate Member and each of
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them as if such Member State or Associate
Member had been an original party and
signatory hereto.

15 RELEASE OF OBLIGATION

15.1 After delivery of the written notice by the Fund
under Clause 14.1, and after the date for
subscription of the first 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 parties to the Agreement.
Any such document amending this Agreement
shall be deposited with the Secretary-General 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 Caribbean 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
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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.

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 England.

21 ARBITRATION

21.1 The parties hereto agree that: -

21.1.1 In the event of controversy, dispute or
question arising out of or in connection
with or in relation to this Agreement or
its interpretation, performance no-
performance or any breach thereof, the
matter shall first be subjected to
negotiation.

21.1.2 If the controversy, dispute or question is
not resolved by negotiation pursuant to
Clause 21.1.1 hereof within 30 days, it
shall be referred to arbitration.

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21.1.3 All controversy, dispute or questions
arising in connection with this
Agreement, save and except as
hereinafter 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.
21.1.4 If any event giving rise to controversy,
dispute or question arises prior to ICWI
being released under Clause 15.1, then
such controversy, dispute or question
shall be finally settled by arbitration
before a single arbitrator under the
Rules of Arbitration in accordance with
the Arbitration Act of Jamaica as
amended from time to time.


Annex to
APPENDI
X 1
SCHEDULE
1 Antigua and Barbuda
The Bahamas
Barbados
Belize
Dominica
Grenada
Guyana
Jamaica
Monsterrat
St. Kitts and Nevis
St Lucia
St Vincent and the Grenadines
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Trinidad and Tobago
The British Virgin Islands
The Turks and Caicos

2 Any other country which becomes a Member State of
the Caribbean Community 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 signatories to the
Agreement Establishing the Caribbean Investment Fund
which entered into force on October 15, 1993 (hereinafter
referred to as “the Signatory States”) and ICWI Group
Limited of 28-48 Barbados Avenue, Kingston 5 in the Parish
of St. Andrew, Jamaica (hereinafter called “ICWI”),
WITNESSETH AS FOLLOWS: That the Parties hereto have
agreed that the Agreement 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:-
1 OBJECTIVES:

1.1 The objectives of the Caribbean Investment Fund
(hereinafter called “the Fund”) as described in
the Original Agreement shall be extended to
permit investment by the Fund, of up to a
maximum of 40% of the capital thereof in the

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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 the 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 opportunity 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 Agreement.
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 in two tranches: the first
tranche or a minimum of US25, 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
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Signatory States otherwise determine.

2.2 In the event that the Signatory States determine
that the Original Agreement and this
Supplemental Agreement should be terminated
as provided in Clause 2.1 hereof, the Original
Agreement and this Supplemental Agreement
shall terminate without ICWI incurring any
liability whatsoever to the Signatory States.
3 CONCESSIONS AND PRIVILEGES OF THE FUND

3.1 The period of ten (10) years referred to in Clause
4.3 of the Original Agreement 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 Agreement 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.

5 ENTRY INTO FORCE
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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.
6 ADDITIONAL PARTIES TO THIS SUPPLEMENTAL
AGREEMENT

6.1 The Parties hereto acknowledge and recognise that
non-Signatory Member 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 Agreement refers may
wish to become Parties to this Supplemental
Agreement subsequent 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
Supplemental Agreement deposited with the
Secretary-General of the Caribbean Community
at the Caribbean Community Secretariat
pursuant to Clause 8.1 hereof and the signing
thereof by the Government of such Member
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States or Associate Members ad each of them as if
such Member State or Associate Member had
been an original party and signatory hereto.
7 RELEASE OF OBLIGATIONS:

7.1 After delivery of the written notice by the Fund
pursuant to Clause 14.1 of the Original
Agreement and after the time provided for
subscription to the Fund referred to in Clause 2.1
hereof, ICWI shall, notwithstanding anything to
the contrary contained in the Original Agreement
and this Supplemental Agreement, be deemed to
have performed all its obligations under the
Original Agreement and this Supplemental
Agreement and shall be released therefrom.
8 DEPOSIT OF SUPPLEMENTAL AGREEMENT:

8.1 This Supplemental Agreement shall be deposited
with the Secretary-General of the Caribbean
Community and the Secretary-General shall
provide each party to this Supplemental
Agreement with a certified copy thereof.


Annex to
APPENDI
X II

SCHEDULE

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


DECISION OF THE CONFERENCE OF HEADS OF
GOVERNMENTS
REACHED AT ITS FIFTEENTH MEETING
(Rep. 94/15/47 HGC)
CARIBBEAN NVESTMENT FUND (CIF)
THE CONFERENCE

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 London had been
formed to manage the Fund;

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

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

(vii) the ICWI had requested an extension of the period
provided in the Agreement to mobilize the first tranche of
US$25M;

(viii) the provision relating to the registration of the Fund
had not been satisfied and will also need to be extended.

Agreed –

(i) to extend the period for registration of the Fund to
15th 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 ICWI
to determine the amendments 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 incentive to the CIF, and to amend, where
necessary, their domestic legislation to facilitate the
operation of the Fund in their respective jurisdiction;

(ii) Member States which had not yet signed the
Agreement for the CIF, to seek to do so.
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_____________________________________


DECISION OF THE CONFERENCE OF HEADS OF
GOVERNMENT
REACHED AT ITS SIXTEENTH MEETING
(Rep. 95/16/59 HGC)
CARIBBEAN INVESTMENT FUND (CIF)

THE CONFERENCE:

Having considered this item in Cacaus,

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;

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

Urged that the ICWI Group of Companies use its best
endeavours to mobilise the financing for the first 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 operation
of the CIF.

_________________________________


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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 (ICWI) for a Caribbean
Investment 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.
___________________________

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