Resolution No. 27/2023 Ref. No.: M.P. 5043/67/8/1T14 Vol.1 PARLIAMENT
WHEREAS by section 4A(1) of the Latin American Development Bank Act, 2015 (Act 2015-24) the Government of Barbados may, in accordance with such terms and conditions as may be agreed upon between the Government and the Latin American Development Bank (Corporación Andina de Fomento), subscribe to 1,080 additional Series “C” shares of Common Capital Stock in the Bank for a value of USD 14,200 each;
AND WHEREAS by section 4A(2) of the Act, the Government may, subject to the approval of Parliament, subscribe to further additional shares of Common Capital Stock of the Bank;
AND WHEREAS the Government considers it expedient to subscribe to 3,522 further additional Series “C” shares of Common Capital Stock of the Bank for a value of USD 14,200 each and a total value of USD 50,012,400 in order to increase the level of participation of Barbados in the ownership of the Bank and increase access to funding for sustainable development projects from USD 200,000,000 to USD 400,000,000;
AND WHEREAS the subscription to 3,522 further additional Series “C” shares of Common Capital Stock of the Bank are on the terms and conditions contained in an Ordinary Capital Share Subscription Agreement, the main provisions of which are set out in the Schedule;
BE IT RESOLVED therefore that Parliament approve the subscription to 3,522 further additional Series “C” shares of Common Capital Stock of the Bank for the value of USD 50,012,400.
APPROVED by the House of Assembly this 22nd day of September, Two
Thousand and Twenty-Three.
- HOLDER Speaker.
APPROVED by the Senate this 25th day of October, Two Thousand and Twenty-Three.
- FARLEY President.
I assent
- MASON
President of Barbados 2023-10-23.
SCHEDULE
TERMS AND CONDITIONS
Bank: Latin American Development Bank
(Corporación Andina de Fomento)
Subscriber: Government of Barbados
Number and Type 3,522 Series “C” shares of Common Capital Stock of Shares:
Share Value: USD 14,200
Total Share Value: USD 50,012,400
Payment Period: 3 years
Payment Schedule: Installment 1 – USD 16,670,800 comprising 1,174
Series “C” shares of Common Capital Stock payable before November 30, 2023.
Installment 2 – USD 16,670,800 comprising 1,174 Series “C” shares of Common Capital Stock payable before September 30, 2024.
Installment 3 – USD 16,670,800 comprising 1,174 Series “C” shares of Common Capital Stock payable before September 30, 2025.
