Caribbean Investment Fund

Link to law: http://rgd.legalaffairs.gov.tt/Laws2/Alphabetical_List/lawspdfs/70.05.pdf

Caribbean Investment Fund
CARIBBEAN INVESTMENT FUND ACT

CHAPTER 70:05

LAWS OF TRINIDAD AND TOBAGO

Current Authorised Pages
Pages Authorised

(inclusive) by L.R.O.
1–22 ..

L.R.O.

Act
13 of 1999

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Note on Subsidiary Legislation
This Chapter contains no subsidiary legislation.

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CHAPTER 70:05

CARIBBEAN INVESTMENT FUND ACT
ARRANGEMENT OF SECTIONS

SECTION
1. Short title.
2. Commencement.
3. Interpretation.
4. Acceptance approved.
5. Certain clauses of Schedule II have the force of law.
6. Minister to give effect to Fund Agreement.
7. Minister to amend Schedule II.

SCHEDULE I.
SCHEDULE II.
SCHEDULE III.

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CHAPTER 70:05

CARIBBEAN INVESTMENT FUND ACT

An Act to give effect to the Agreement concerning the
Caribbean Investment Fund and to provide for matters
connected with or related to the foregoing.

*[ASSENTED TO 8TH SEPTEMBER, 1999]

1. This Act may be cited as the Caribbean Investment
Fund Act.

2. This Act came into operation on 1st July 2000.

3. In this Act—
“the Fund” means the Caribbean Investment Fund established by

the Fund Agreement;
“Fund Agreement” includes the Agreement concerning the

Caribbean Investment Fund executed by the Government of
Trinidad and Tobago on 26th August, 1998 the text of which
is attached at Schedule I and the related Original and
Supplemental Agreements attached at Schedules II and III.

4. Acceptance by the Government of the Fund Agreement is
hereby approved.

5. The provisions of clauses 4.2 and 12.2 of Schedule II shall
have the force of law in Trinidad and Tobago.

6. The Minister may by Order, make such provisions as he
may consider necessary or expedient for giving effect to any
provision of the Fund Agreement.

7. (1) Where any amendment to the Fund Agreement is
accepted by the Government, the Minister may, by Order, amend
Schedule II by including therein the amendment so accepted.

13 of 1999.

Short title.

Commencement.
[141/2000].

Interpretation.

Acceptance
approved.

Certain clauses
of Schedule II
have the force
of law.

Minister to give
effect to Fund
Agreement.

Minister to
amend
Schedule II.

*See section 2 for the date of Commencement of this Act.

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(2) An 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 provision
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 House of Representatives.

(4) Where Schedule II is amended pursuant to this section,
any reference in this Act or any other instrument to the Fund
Agreement shall, unless the context otherwise requires, be
construed as a reference to the Fund Agreement as so amended.

SCHEDULE I

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:
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 commitments specified in the Original Agreement which
appears at Appendix I to this Agreement;

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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 agreed, inter alia, to extend the time limit for the
mobilisation of the resources and the registration of the Fund;

The Parties to the Original Agreement and the Supplemental Agreement
have been and are desirous of fulfilling the obligations and
commitments assumed under the said agreements;

The Parties to this Agreement have agreed as follows:
(i) Notwithstanding any action or lack of action on the part

of any of the Parties to the Original Agreement which
might have operated to call into question the subsistence
of the Original Agreement or Supplemental Agreement,
the Parties hereby agree to continue to be bound by the
terms and conditions of the Original Agreement and
Supplemental Agreement from the dates the said
Agreements entered into force.

(ii) Subject to Clause 4, the provisions of the Original
Agreement set out at Appendix I and the provisions of
the Supplemental Agreement set out at Appendix II are
hereby incorporated in this Agreement and shall bind
the parties to this Agreement like any other provision
of this Agreement.

(iii) The Parties to the Original Agreement agree that the
relevant decisions of the Conference relating to the Fund
and which appear at Appendix III to this Agreement
are hereby incorporated in this Agreement and shall
have the same legally binding effect as the other
provisions of this Agreement.

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(iv) Unless the Signatory States otherwise determine, this
Agreement shall terminate and the Parties shall
thereupon be released from all obligations under this
Agreement without incurring any liability to one another
if ICWI fails to mobilise the resources for the first
tranche of the Fund by 31st March, 1999 or the second
tranche by 30th September, 1999.

(v) Nothing in this Agreement shall be construed as
precluding any one Signatory State from according
under its national legislation any or all of the privileges
and concessions set out in the Original Agreement to
any investment fund other than a regional investment
fund organised on a basis similar to the Fund.

IN WITNESS WHEREOF the undersigned duly appointed in that behalf by
their respective Governments and Company have signed this Agreement.

Signed by L. BIRD
For the

Government of Antigua and Barbuda
on 18th September, 1998

at St. Johns, Antigua and Barbuda
on behalf of Antigua and Barbuda

Signed by H. A. INGRAHAM
For the

Government of the Bahamas
on 8th September, 1998

at Nassau on behalf of The Bahamas

Signed by O. ARTHUR
For the

Government of Barbados
on 24th August, 1998

at Bridgetown 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 K. MITCHELL
For the

Government of Grenada
on 25th August, 1998

at St. George’s
on behalf of Grenada

Signed by J. JAGAN
For the

Government of Guyana
on 3rd September, 1998

at Georgetown
on behalf of Guyana

Signed by P. J. PATTERSON
For the

Government of Jamaica
on 1st September, 1998
at Kingston, Jamaica
on behalf of Jamaica

Signed by
For the

Government of Montserrat
on ........................

at .............
on behalf of Montserrat

Signed by D. DOUGLAS
For the

Government of St. Kitts and
Nevis

on 18th September, 1998
at Basseterre, St. Kitts

on behalf of St. Kitts and Nevis

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SCHEDULE II
AGREEMENT ESTABLISHING THE CARIBBEAN

INVESTMENT FUND
AGREEMENT

This Agreement made Between THE GOVERNMENTS of the Member States
and Associate Members of the Caribbean Community (CARICOM) listed in
paragraph 1 of the Schedule to this Agreement which are signatories to this
Agreement (hereinafter referred to as “the Signatory States”) and 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 list on a stock exchange in any
of the Signatory States. Such investment shall include but not be limited
to investment by way of new stock and share issues, joint venture
participation, project financing, and loan funding.

Signed by
For the

Government of The British Virgin Islands
on ..............................
at ............................

on behalf of The British Virgin Islands

Signed by
For the

Government of The Turks and Caicos
Islands

on ..........................
at .......................

on behalf of The Turks and Caicos Islands

Signed by D. LALOR
For

ICWI Group Limited
on 7th September, 1998
at Kingston, Jamaica

Signed by K. D. ANTHONY
For the

Government of Saint Lucia
on 21st October, 1998

at St George’s, Grenada
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 B. PANDAY
For the Government of the

Republic of Trinidad and Tobago
on 26th August, 1998

at Port-of-Spain
on behalf of

The Republic of Trinidad and Tobago

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1.2 The main thrust of investment by the Fund shall be the
encouragement and promotion of projects involving new ventures,
business expansion and plant expansion (including divestments 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 or services
which are projected to stimulate economic growth in the Signatory
States in which the investment and/or funding is made.

2. ESTABLISHMENT AND 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
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 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 Bye-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
Agreement should be terminated 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 the 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.

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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
vialibility and that the grant of concessions and privileges is subject to
legislative and/or administrative authority as required in the respective
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 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 State will promptly provide all consents
and approvals necessary in order to permit or provide that any
restrictions (including without limitation exchange control
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:

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
issued by the Signatory State or not;

4.2.4.3 Securities of any nature whatsoever including
but not limited to shares, stocks, bonds, notes, debentures,
debenture 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;

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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
provided funding in the 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 of any sale, 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
providing 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
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 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 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 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.

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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 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 of this Agreement.
8. PROMOTION 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 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 by Clause 1.

11. ADVISORY BOARD:
11.1 There shall be an Advisory Board consisting of not more

than 7 members to be appointed by the countries listed in Item I 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.

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11.2 For the purposes 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 investments in and/or 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.

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 Signatory 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 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 executed pursuant to Clause 13.1 within
60 days of the date that the CARICOM Secretary-General declares it
to be open for signature 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.

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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 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 that on its incorporation the Fund will become a
party to this 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 above-mentioned 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 I 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 that any Member
State or Associate Member of CARICOM shall be entitled at any time
to sign the counterpart of this Agreement deposited with the Secretary-
General of the Caribbean Community at the Caribbean Community
Secretariat pursuant to Clause 17 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.

15. RELEASE OF OBLIGATIONS:
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 tranche referred
to in Clause 2.1 ICWI shall, notwithstading anything hereto to the contrary,
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

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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 Caribbbean 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.

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
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 any controversy, dispute or question
arising out of or in connection with or in relation to this
Agreement or its interpretation, performance or non-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.

21.1.3 All controversies, disputes 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.

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21.1.4 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 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.

SCHEDULE
1. (i) Antigua and Barbuda

(ii) The Bahamas
(iii) Barbados
(iv) Belize
(v) Dominica

(vi) Grenada
(vii) Guyana
(viii) Jamaica
(ix) Montserrat
(x) St. Kitts/Nevis

(xi) St. Lucia

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

Signed by L. BIRD
For the

Government of Antigua and Barbuda
on 13th October, 1993

at Port-of-Spain, Trinidad and Tobago
on behalf of Antigua and Barbuda

Signed by A. E. BUTTERS
For the

Government of the Bahamas
on 17th February, 1995
at Belize City, Belize

on behalf of The Bahamas

Signed by L. E. SANDIFORD
For the

Government of Barbados
on 31st May, 1994

at Christ Church, Barbados
on behalf of Barbados

Signed by M. ESQUIVEL
For the

Government of Belize
on 13th October, 1993

at Port-of-spain, Trinidad and Tobago
on behalf of Belize

Signed by E. CHARLES
For the

Government of Dominica
on 25th May, 1994

at Castries, Saint Lucia
on behalf of Dominica

Signed by N. BRAITHWAITE
For the

Government of Grenada
on 30th September, 1998
at St. George’s, Grenada

on behalf of Grenada

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Signed by A. ALLY
For the

Government of Guyana
on 15th October, 1993

at the Presidential Secretariat
Georgetown,Guyana
on behalf of Guyana

Signed by P. J. PATTERSON
For the

Government of Jamaica
on 13th October, 1993

at Port-of-Spain, Trinidad and Tobago
on behalf of Jamaica

Signed by R.T. MEADE
For the

Government of Montserrat
on 12th March, 1994

at Kingstown, Saint Vincent and
The Grenadines

on behalf of Montserrat

Signed by K. SIMMONDS
For the

Government of St. Kitts and Nevis
on 13th October, 1993

at Port-of-Spain, Trinidad and Tobago
on behalf of St. Kitts and Nevis

Signed by J. COMPTON
For the

Government of Saint Lucia
on 13th October, 1993

at Port-of-Spain, Trinidad and Tobago
on behalf of Saint Lucia

Signed by J. MITCHELL
For the

Government of St. Vincent and
The Grenadines
on 13th October

at Port-of-Spain, Trinidad and
Tobago

on behalf of St. Vincent and
The Grenadines

Signed by P. MANNING
For the

Government of Trinidad and
Tobago

on 13th October, 1993,
at Port-of-Spain, Trinidad and

Tobago
on behalf of Trinidad and Tobago

Signed by
For the

Government of The British Virgin
Islands

on ..............................
at ............................

on behalf of The British Virgin
Islands

Signed by
For the

Government of The Turks and
Caicos Islands

on ..........................
at .......................

on behalf of The Turks and Caicos
Islands

Signed by D. LALOR
For

ICWI Group Limited
on 13th October, 1993

at Port-of-Spain, Trinidad and
Tobago

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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LAWS OF TRINIDAD AND TOBAGO

18 Chap. 70:05 Caribbean Investment Fund

SCHEDULE III

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 per cent of the capital thereof in 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 the Original Agreement will, from time to time, be
insufficient to provide a competitive return to investor 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 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

UNOFFICIAL VERSION


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L.R.O.

LAWS OF TRINIDAD AND TOBAGO

Caribbean Investment Fund Chap. 70:05 19

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
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 that 75 per cent 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:

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 Suplemental 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.

UNOFFICIAL VERSION


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LAWS OF TRINIDAD AND TOBAGO

20 Chap. 70:05 Caribbean Investment Fund

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 I 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 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. 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 of 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.

SCHEDULE
(i) Colombia

(ii) Costa Rica
(iii) Cuba
(iv) Dominican Republic
(v) El Salvador

(vi) Guatemala
(vii) Haiti
(viii) Honduras
(ix) The United States of Mexico
(x) Aruba and The Netherlands Antilles

UNOFFICIAL VERSION


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LAWS OF TRINIDAD AND TOBAGO

Caribbean Investment Fund Chap. 70:05 21

(xi) Nicaragua
(xii) Panama
(xiii) Venezuela
(xiv) Bermuda
(xv) Cayman Islands

Signed by L. BIRD
For the

Government of Antigua and Barbuda
on 6th July, 1996

at St. Michael, Barbados
on behalf of Antigua and Barbuda

Signed by P. J. PATTERSON
For the

Government of Jamaica
on 6th July, 1996

at St. Michael, Barbados
on behalf of Jamaica

Signed by R.T. MEADE
For the

Government of Montserrat
on 6th July, 1996

at St. Michael, Barbados
on behalf of Montserrat

Signed by D. DOUGLAS
For the

Government of St. Kitts and Nevis
on 6th July, 1996

at St. Michael, Barbados
on behalf of St. Kitts and Nevis

Signed by V. LEWIS
For the

Government of Saint Lucia
on 6th July, 1996

at St. Michael, Barbados
on behalf of Saint Lucia

Signed by J. MITCHELL
For the

Government of St. Vincent and The Grenadines
on 26th October, 1996

at Bequia, St. Vincent and The Grenadines
on behalf of St. Vincent and The Grenadines

Signed by
For the

Government of Suriname
on .....................
at ..................

on behalf of Suriname

Signed by H. A. INGRAHAM
For the

Government of Bahamas
on 9th July, 1996

at Nassau, The Bahamas
on behalf of The Bahamas

Signed by O. ARTHUR
For the

Government of Barbados
on 6th July, 1996

at St. Micahel, Barbados
on behalf of Barbados

Signed by M. ESQUIVEL
For the

Government of Belize
on 6th July, 1996

at St. Michael, Barbados
on behalf of Belize

Signed by E. C. JAMES
For the

Government of Dominica
on 6th July, 1996

at St. Michael, Barbados
on behalf of Dominica

Signed by K. MITCHELL
For the

Government of Grenada
on 21st September, 1996
at St. George’s, Grenada

on behalf of Grenada

Signed by C. JAGAN
For the

Government of Guyana
on 6th July, 1996

at St. Michael, Barbados
on behalf of Guyana

Signed by B. PANDAY
For the

Government of Trinidad and Tobago
on 6th July, 1996

at St. Michael, Barbados
on behalf of Trinidad and Tobago

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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LAWS OF TRINIDAD AND TOBAGO

22 Chap. 70:05 Caribbean Investment Fund

Signed by
For the

Government of
The British Virgin Islands

on ............................
at ........................

on behalf of The British Virgin Islands

Signed by
For the

Government of
The Turks and Caicos Islands

on ............................
at ..........................

on behalf of The Turks and Caicos
Islands

Signed by D. LALOR
For

ICWI Group Limited
on 4th July, 1996

at St. Michael, Barbados

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
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