Gazette February 16, 2024 Part A Vol. CLIX No.16 with Resolution & Act

Feb 16, 2024 | Acts, Part A, Resolutions

PARLIAMENT

RESOLVED that in accordance with section 3(2) of the President (Conditions of Service) Act, Cap. 6, the Schedule to that Act be amended by deleting paragraph 1 thereof and substituting paragraph 1 as contained in the Schedule to this Resolution.

APPROVED by the House of Assembly this 23rd day of January, 2024.

I assent

S. MASON

President of Barbados 2024-02-13.

  1. HOLDER Speaker.

SCHEDULE

Salary and Duty Allowance

  1. Salary at the rate of
  • $239,008.82 per annum with effect from 1stApril, 2023; and
    • $246, 179.09 per annum with effect from 1st April, 2024.
  • Duty allowance at the rate of
  • $35,640.00 with effect from 1st April, 2022;
    • $36,709.20 with effect from 1st April, 2023; and
    • $37,810.48 with effect from 1st April, 2024 .

,.,

ffl

BARl:l ADOS

Act  2024-3

AFRICAN  EXPORT-IMPORT  BANK  ACT, 2024-3

Arrangement of Sections

PART I PRELIMINARY

  1. Short title
  • Interpretation

PART II

FINANCIAL PROVISIONS RELATING TO THE PARTNERSHIP AGREEMENT

  • Financial provisions giving effect to the Partnership Agreement
  • Borrowing
  • Designation of depository
  • Certain provisions of Partnership Agreement given the force of law

PART III

PROVISIONS RELATING TO THE CARIBBEAN COMMUNITY OFFICE OF THE BANK

  • Financial provisions giving effect to the Caribbean Community Office Agreement
  • Caribbean Community Office Agreement has the force of law
  • Exemption from the provisions of the Immigration Act, Cap. 190

10.       Regulations made by the bank to be gazetted

  1. Offence to contravene Bank’s regulations

FIRST SCHEDULE

Agreement between the Government of Barbados and the African Export-Import Bank concerning the location of the Caribbean Community Office of the African Export-Import Bank

SECOND SCHEDULE

Agreementfor the Establishment of a Partnership between Member States of the Community and the African Export-Import Bank

BARBADOS

I assent

S. MASON

President of Barbados 13th February , 2024.

2024-3

An Act to provide for the implementation of the

  • Agreement for the Establishment of a Partnership between Member States of the Community and the African Export-Import Bank; and
    • Agreement between the Government of Barbados and the African Export-Import Bank concerning the location of the Caribbean Community Office of the African Export-Import Bank.

[Commencement: 16th February, 2024]

ENACTED by the Parliament of Barbados as follows:

PART I PRELIMINARY

Short title

1.              This Act may be cited as the African Export-Import Bank Act, 2024.

Interpretation

2.              In this Act,

“Bank” means the African Export-Import Bank established by the Agreement establishing the African Export-Import Bank signed in Abidjan, Cote d’Ivoire on the gth day of May, 1993 attached as Annex I of the Partnership Agreement;

“Caribbean Community Office Agreement” means the Agreement between the Government of Barbados and the African Export-Import Bank Concerning the Location of the Caribbean Community Office of the African Export­ Import Bank, the text of which is set out in the First Schedule;

“Caribbean Community Office” has the meaning assigned to it in Article  1 (d)

of the Caribbean Community Office Agreement;

“Partnership Agreement” means the Agreement for the Establishment of a Partnership between Member States of the Community and the African Export-Import Bank signed by Barbados on the l51day of September, 2022 at Bridgetown, Barbados, the text of which is set out in the Second Schedule;

PART II

FINANCIAL PROVISIONS RELATING TO THE PARTNERSHIP AGREEMENT

Financial provisions giving effect to the Partnership Agreement

3.(1) All sums required to be paid by the Government for the purpose of meeting the obligations of Barbados under the Bank Agreement are hereby charged on and shall be paid out of the Consolidated Fund.

(2) Any sumsreceived by the Government fromthe Bank pursuant to the Bank Agreement shall be paid into the Consolidated Fund.

Borrowing

4.(1)     The Minister may borrow from any person any sum or sums required for payments under section 3 or for replacing any sum or sums paid out the Consolidated Fund pursuant to that section, and for the purpose of such borrowing, may create and issue any securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise, as he thinks fit.

  • The principal and interest of any securities issued under subsection (1) and any expenses incurred in connection with their issue shall be charged on an paid out of the Consolidated Fund.
  • Any moneys raised by securities issued under subsection (1) shall be paid into the Consolidated Fund.

Designation of depository

5.              A depository for the holdings of the currency of Barbados and other assets of the Bank may be designated as agreed upon with the Bank.

Certain provisions of Partnership Agreement given the force of  law

  • The provisions of Articles II, V, VI, VII, VIII, IX, X, XI, XII, XIII, XIV of the Partnership Agreement shall have the force of law in Barbados.

PART III

PROVISIONS RELATING TO THE CARIBBEAN COMMUNITY OFFICE OF THE BANK

Financial provisions giving effect to the Caribbean Community Office Agreement

  • All sums required to be paid by the Government for the purpose of meeting the obligations of Barbados under the Caribbean Community Office Agreement are hereby charged onand shall be paid out of the Consolidated Fund.

Caribbean Community  Office Agreement has the force of law

  • The Caribbean Community Office Agreement shall have force of law in Barbados.

Exemption  from the provisions  of the Immigration Act,Cap. 190

9.                        Nothing contained inthe Immigration Act, Cap. 190 shall apply to the persons mentioned in Parts IX, X, XI, XII of the Caribbean Community Office Agreement have effect in relation to such persons as so to

  • restrict their entry into Barbados;
    • regulate the conditions of their stay in Barbados ; or
    • prevent the entry into or require the removal from Barbados of any such person by reason of any activity performed by such person in his official capacity with respect to the Bank.

Regulations made by the bank to be gazetted

10.(1) All regulations made by the Bank pursuant to Bank to Article V of the Caribbean Community Office Agreement shall, as soon as possible after being made, be published in the Official Gazette and on such publication  shall come into operation and  have  the  force of law.

(2)    All such regulations shall be statutory instruments for the purposes of the

Interpretation Act, Cap. 1.

Offence to contravene Bank’s regulations

11.                     A person who contravenes any of the provisions of regulations made by the Bank pursuant to Article Vofthe Caribbean Community Office Agreement is guilty of an offence and, on summary conviction thereof, is liable to a fine of

$2 000 or imprisonment for a term of 12 months or to both.

FIRST SCHEDULE

(Section 2)

Agreement between the Government of Barbados and the African Export-Import Bank

concerning the location of the Caribbean Community Office of the African Export-Import Bank

AGREEMENT BETWEEN THE GOVERNMENT OF BARBADOS AND THE AFRICAN  EXPORT-IMPORT BANK

CONCERNING THE LOCATION OF THE CARIBBEAN COMMUNITY OFFICE

OF THE

AFRICAN EXPORT-IMPORT BANK

First Schedule – (Cont’d)

EXECUTION VERSION REPRESENTATIVE OFF CE AGREEMENT

BETWEEN

THE GOVERNMENT OF BARBADOS

AND

THE AFRICAN EXPORT-IMPORT BANK (“AFREXIMBANK'”)

CONSIDERING the Partnership Agreement between the African E><,port-lmport  Bank (hereinafter called  “1he Bank”)  concluded  on 1.. September  2022,  and the  Member  States  of the  Caribbean Community;

HAVI NG regard to the Establishment Agreement of the African Export-Import Bank concluded at Abidjan on 8 May 1993 annexed thereto as Annex I.

CONSIDERING that the Board of Directors of the Bank at its 1371h meeting held in Libreville, Gabon on 25 March 2023 affirmed the selection of Bridgetown, Barbados as a potential host to establish a representative office for tt e Bank.

DESIROUS  of  regulating  by  this  Agreement  certain quest ons  regarding  the  establishment  and funclioning  of  the  said representative  office  oflhe  Bank in  Barbados  and  to  supplement  in this respect  the  relevant  provisions  of  the  Partnership  Agreement  signed  on   1•  Septernber.  2022 between the  Membe..-  State.s  of the  Caribbean Community  and the Bank  (hereinafte.- referred to as  the “Partnership Agreemenr.;

HAVE AGREED AS  FOLLOWS:PARTI: DEFINITIONS

ARTICLE I

In this Agreement .unless the context otherwise provides.requires, or pennits. the following terms

shall have the meanings ascribed thereto below:

  • “Appropriate Authorities of Barbados means national, or other governmental authorities in Barbados as may be appropriate in the cohtext and in accordance with the laws of the Barbados;
  • “‘Archives··   means.    without     limitat on.    all     reco:rds.    correspondence .    documents, manusc.-ipts.  emai s.   con,puter-   records,    still   and   motion   picture.s .  fi m    and   sound recordings or any  such  simi ar  materials  belonging to or  held by the  Bank in furtherance of its functions .
    • “Bank” means African Export-Import Bank

{d)·c-aribbean  Community Office”  means:

  • The office temporary or permanent area together with the structures and

installations  e.-ected  uponit.

First Schedule – (Cont’d)
  • Any  otherland,  buildings. structures.  o,.- installations  which may  from time to time be  included,   temporarily   or    permanently,    in   the   office   or   by   supplemental agreements   with   the   Government,  whethe r   by  grant   or   the   Government   or otherwise  acqujred,  or  used for the business or other  actions  and activities  of the Bank.
  • “Charter” means the Charter annexed as Annex Ito the Agreement for the Establishment of the Bank.
    • “Dependents”  or  “Dependent  members  of  their  families” means  the  following  persons: a spouse;parents of the Official or the spouse for  whornI.he Official provides financial support; children of the Official or the spouse under 21 years, or under 24 years  if in attendance of an educational  institution  as  a  full-time  student  of   an  educational institution  in  Barbados  or outside of  Barbados, or of  any  age who  have  a  physical or  mental disability and for  whom the Officialprovides main eind continuingsupport;unmeirried brolhersor sisters of !he Official under the same conditions as those applicable to children and for whom the Officialprovides financial support .
  • “Directors”   and  “Allemale  Directors”   means   respectively   the   Directors   and  Alternate Directors for the time being of the  Bank;
  • “Employees  of  the  Bank” means  all members of the  staff   of  the  Bank  with the  exception or those recruitedlocally  on hourly  rates.;
  • “Government” means the Government or Barbados

(i)           “Laws of Barbados includes the  Constitution  or  Barbados, its acts of Par1iament, common law   in   rorce   in   Barbados,  judicial   decisions.   statutory   instruments,   and   any   other enactments having the force or law in Barbados.

  • “President”. “Vice-President” and “Executive-Secretary·rneans the President , any”, “Vlce­ President and the “Executive-Secretary or the Bank or any other person designated to act in that behalf;
    • “Representatives”  means  representatives  of  Shareholders   and  includes  all  delegates. deputy delegates, advisers. and experts.

(m)         “Shareholder” means a shareholder or the Bank;

PART II: STATUS AND L.EGAL CAPACITY OF THE CARR BEAN COMMUNITY OFFICE

ARTICL.E II

1.         In  accordance  with  Article  Ill of  the  Agreement  for  the  Establishment  of  the  Bank,  (“the Bank Agreement”)  the  Bani< is an international institution with full juridical personality  and, in particular, has the legal capacity to:

  • enter into =ntracts and conclude  agreements;
  • acquire and dispose of movable and immovable property; and
  • be a party to j udicial and other legal or administrative proceedings.

PART Ill: CONTROL. AND PROTECTION OF THE CARRIBEAN COMMUNITY OFFICE

ARTICLE Ill

  1. The Caribbean Community   Office shall not be removed unless the  Bank  so decides. Any treinsfer of the Ceiribbean Community   Office temporarily to ;:another place or country  sheill
First Schedule – (Cont’d)

not constitute a removal of the Caribbean Community office unless the competent  organ of the Bank takes an express decision to that  effect .

2_            The  Government  shall take  all action that  may be required to  ensure that  the  Bank shall not be dispossessed of its rights in the Caribbean Community Office nor dep.-ived of the enjoyment  of such rights except with the express consent of the  Bank.

  • Any buildingin or outside of the Caribbean Community Office which may be used for meetings convened by the Bank shall be temporarily included in the Caribbean Community Office .
    • The  Government  and the Appropriate Authorities  of  Barbados shall take whatever  action that may be necessary to ensure that the Bank shall not bedispossessed of all or any part of the  c.aribbean  Community Office without the express  consent of the  Bank.

ARTICLE IV

The Government recognizes the extraterritoriality of tt,e Caribbean Community Office. Which  shaU

be under the control and authority of the Bank.

ARTICLE V

  1. The  Bank  shall   have  the  power   to  make   regulations   operative  wilhin  the   Caribbean Community   Office.  for   the   purpose  of   establishing  therein   conditions  in  all  respects necessary for the full execution of  its functions.
  2. The provisions of this Article shall not precludethe reasonable application of fire protection or sanitary regulations of the Government and the Appropriate Authorities of Barbados.

ARTICLE VI

  1. The Canbbean Community Office shall be inviolable.No officer or official of Barbados. be they administrative, judicial, military or police or other person exercising any public authority within Barbados shall enter the Caribbean Community Office to perform any duties therein except with the consent of, and under conditions approved by, the President. The service of legal process,including the seizure of private property, shall not take place wit hin the Caribbean Community Office except with the express consent of the President.
  • Without  preJudice to the  provisions of the Agreement for the establishment  of the Bank or this Agreement,  the  Bank shall prevent the  Caribbean  Cc;,mmunity Office from  being used as  a  refuge  by  persons  who   are  avoiding   arrest   under  any   law  of   Barbados  who  are required  by  the  Government  for  exlradit ion or  persons  avoiding  service  of  legal  process or  a judicial  proceeding.

ARTICLE VII

1.          The   Government   shall   exercise    due  diligence   to   ensure   t.hat   the   tranqurnty   of   the Caribbean   Community   Office  is   not   disturbed   by   any   persons  or   group   of   persons attempting  unauthori:zed entry into or creating disturbances in ttie immediate vicinity of the Caribbean  Community  Office. The  Gove·rnment  shall  take  adequate  steps  to  ensure  the protection  of the  premises of the  Caribbean  Community Office.

First Schedule – (Cont’d)

2.           If so requested by the President. the Appropriate Authorities of Barbados shall  provide adequate police force for the preservation of law and order at the Caribbean Community Office and for the removal therefrom of any person or group of persons as required by the President.

ARTICLE VIII

The AppRJpriate Authorities of Barbados shall take all reasonable steps to ensure that the amenities of the Caribbean Community Office are not p,-ejudiced and that the purposes for which the Caribbean Community Office is required are not obstructed by any use made of the land or buildings in the vicinity of the Caribbean Community Office.

ARTICLE IX

1.           The  Appr-opriate   Autho.-ities  o·f   Barbados   shall  exerc.ise,  to  the   exlent   required   by  the President. the powers which  they  possess with  respect to the supply of utility services to ensure that  the  Caribbean Community   Office shall be supplied on  equitable  terms w ith the  necessary public services,  including, without limitation by reason of this  enumeration. electricity,   water.   sewerage.  gas.   telephone,    internet   and   related   data    links,    local transf:’.X’.)rtation, drainage,  collection of  refuse  and  fire protection.

  • In case of interruption of any such services. the Appropriate Authorities of Barbados   shall consider  the  needs  of  the  Caribbean  Community   Office  of  the  Bank  as  being  of  equal importance   with    those   of   other   intemational  organi.zation s,   diplomatic   missions   and essential  agencies  of the  Govemment  and shall  take  all  necessary  steps  to  ensure  that the work  of the  Bank. is not  prejudiced.
  • The  President shall upon  request  make suitable arrangements to  enable duly authorized rep,-esentatives  or  the  appropriate   public  services  bOdies  to  inspect,  repair,   maintain, reconstruct   and   relocate   utilities,   conduits,  mains   and   sewers   within   the   Caribbean Community   Office   under   conditions   which   shall   not   unreasonably   interrere  with   the functioning  of the  Bank_

ARTICLE X

The archives  of the  Caribbean  Community Office,  all documents  in whatever  form, electronic  or physical. and  all  communication  sent  to  or  by  the  Caribbean,Community  Office, held  by it  or belonging toit, wherever  situate.  and  by who  ever  held, shall  be inviolable.

PART  V: COMMUNICATIONS,PUBLICATIONS ANO TRANSPORTATION

ARTICLE XI

  1. The  Bank shall  enjoy,  for  its official communications.  treatme nt  not  less favourable  than that accorded by lhe Government to any international organizations or dip‘lomatic missions accredited  to  Barbados  in  the  matter  of  priorities  and  rates  on  mail,  cables.  telegrams, radiograms, fax, fixed and mobile telephOnes, satellite links, data cable links, internet and other   communications   as  well   as   press   rates   for   information   to  press,   radio,   online publications. or television.

First Schedule – (Cont’d)

  • All communications to the Bank, members of its Board of Directors. President, Vice-­ Presidents. Employees of the Bank. or any officials at the Caribbean Community Office and principal office, and all outward official communications of the Bank, by whatever means or in whatever form transmitted, shall beimmune from censorship and from any other fon,, of interception or interference.
  • The Bank shall have the right to use codes and to dispatch and eceive correspondence and other official communications in whatever form by courier or in sealed bags, which shall enjoy the same privileges and immunities as diplomatic couriers and bags.
  • Nothing   in  this   Article   shall  be  construed   as   precluding  the   adoption   of   appropriate precautionary  measures,  particularly,  in the  event  of  an  emergency in Barbados  as  may be deterTTiined by agreement  between the Govemment  and  the Bank to prevent  or avoid abuse  of the immunities and e,c;emptions provided  in this Article_
  • The Caribbean Community Office of the Bank shall, subject to app’Dval bythe Appropriate Authority of Barbados, install and operate suc,h equipment as may be necessary far the proper perfonnance of its functions including international communication and other electronic equipment.

PART V: FREEDOM FROM TAXATION

ARTICLE XII

  1. The- Bank,its  properly.assets,  income, operations  and transactions shall be exempt from all  direct  and  indir·ec.t  taxation.  including,  but  not  limited  to  income  ta.xes,   import  duty, excise  duty, value  added tax  and stamp  duty; it  being  understood that the  Bank  will  not claim exemption from fees which are in fact  no mo.e than charges for public utility services such as water and sewerage, electricity. gas and ref’use collection. and which are payab·le by other  internationalorgan zations and diplomatic  missions  accredited to Barbado.s.
  • The Government shall  upon the  signature  of this Agreement  provide to the  Bank  a  list of all direct  and indirect  taxe.s  and  levies and promptly  modify such list  upon any  changein the  laws  of  Barbados_
  • Without   prejudice    o lhe  generality  of  the  provisions  of  p.aragraph  1 of  this  Artiole . the Government  and the Appropriate Authorities  of Barbados shall take all necessary  action to  ensure  that  the  property  and  assets  of  the  Bank ,its  capital.  reserves  and  dividends, loans.  er-edits,   guarantees,    securities.    security   documents,       investments   and   other transactions,interest, commissions, fees,  profits, gains, proceeds of real zation and at.her income. return  and  moneys  of  any  kind,  accruing. appertaining  or  payable  to  the  Bank fTOm  any  source  whether  or  not  resulting  from  an  activity  carried out  by the  Bank with or without  othe·r  parties  shall  be  exempt  from  income  taxes,import  duty. exclse  duly, value added   tax   and  stamp   duty   heretofore  levied  or   hereafter   Imposed   in  the   territory   of Barbados .
  • No  direct  taxes  shall be levied  by the Government  or  any  authority  in Barbados  on or in respect  of  salaries,  emoluments, indemnities, benefits,  fees  and/or  pension  paid  by  the Bank   to   the   President,  Vice-Presidents.    Dicectors,   Alternate    Directors   officers    and Employees of the Bani<  and consultants and expens performing missions for the Bank

5_            Articles   imported  or  exported   by  the  Bank  for   official  purposes  shall   be  exempt   from customs  and other  levies,  and from  prohibitions  and  restrictions on  imports  and  exports_ Such   articles   may   include,   but   shall  not   be  limited   to   materials   necessary   for-   the construct ion of the  Bank’s Caribbean Community Office building, motor vehicles andspare parts thereof,  publications and offic.e furniture. equipment and materials_ Without prejudice

First Schedule – (Cont’d)

to the foregoing howeve,.-, articles under such exemption shall not be disposed of within a period of 3 years unless prior written permission is granted by the Office of Protocol in the Ministry of Foreign Affairs and Foreign Trade in Barbados.The disposal of articles shall then be in conformity with the cor,dit.ions as set out in said prior written permission.

  • The officers and Employees of the  Bank, who are not local nationals  of  Barbados shall be exempt   from   customs  duties   and  other  levies,  prohibitions.   and   restrict ons   on  the importation cf motor vehicles  and  spare  parts thereof.  and household effects.equipment and furniture.
  • The G°”’emment shall.whenever gasoline or other- fuels and lubricating oils are scarce in Barbados if requested, assist the Bank in the procurement of gasoline or other fuels and lubricating oils fo.- each such automobile operated by the Bank or its personnel.
  • Articles imported in accordance with paragraphs 5 and 6 of this Article. may be sold a.­ otherwise disposed of, provided that if such articles a.-e sold or disposed of in Barbados duty shall be payable at the approp..-iate rates unless the articles are sold or disposed of

to  persons or organizations enjoying the same  p..-ivilege.

  • The Government shall accord to the Bank and officers and E.mployees of the Bank all other privi eges, exemptions and facilit es as are accorded by the Government to international organizations and diplomatic missions accredited to Bart>ados and resident members of their staff .

PART VI : FISCAL EXEMPTIONS AND FINANCIAL FACILITIES

ARTICLE XIII

1a                                  Without  prejudice  to  the  generality  of  Articles  IX, XIV  and  XV  of  the  Agr-eement  fa.-  the

establishment of the Bank,the Bank may free ly:

  • carry on all forms of banking business and financial services authorized under the Charter of the Bank;
  • purchase, hold and dispose of nationel currencies
  • purchase. hold and dispose of convertible currencies , securities, bills of exchange.

negotiable instruments, and transfer the same to, from or within the  territory of   Barbados. (iv)          open, maintain and aper-ate  accounts in nationalcurrency within the territory of  Barbados;

  • open, maintain and operate convertible currency accounts in the ter-ritory and outside the

territory of Barbados;

  • raise funds  and  makeloans in convenible  currencies:  and (vii)                    carry out any  operations  authorized  underits Charter.
  • The Govemment  shaU assist the Bank to obtain the most favourable conditions  as regards exchange  rates.banking commissions in exchange transactions and the like
  • The Bank shall, in exercising its rights under this Article, pay due regard to any r-epr-esentations made by the Government and shall give effect to such r-ep.-esentations without p..-ejudicing the interest of the Bank.
First Schedule – (Cont’d)

PART VII: ACCESS,  TRANSIT AND RESIDENCE

ARTICLE XIV

  1. The  Appropriate  AuthoriUes of  Barbados  shall  not impede in any  way,  and  shall  take  all necessary  measures to facilitate the  entry into, sojoum in, transit  through  and exit fr-om  the territory of Barbados of:

{ i}           Representatives  and members of the Shareholders’ delegations  and their spouses

and dependents;

(ii)          Employees of the Bank. their spouses  and their  Dependents;

(ii)          repr-esentatives   of  other institutions   and  CXJrporations  with  which  the   Bank  has

established official relations or who have official business with the Bank;

{ iv} persons, other than Employees of the Bank, performing missions authorized by the Bank or serving on committees or other subsidiary organs of the Bank and their spouses and dependents; and

(v)          representatives   of   the  p..-ess. radio. film.  televi ion  or  other  information   media. whom the  Bankinvites  after consultation with the Govemment; an.d

{vi)         persons invited by the Bani<, or proceeding to the Caribbean Community office on

off cial business_

  • Visas,  whe,-e   ..-equi,-ed, for   persons  r-eferred  to in  pa.-agraph  1 of  this  Article. shall  be

granted free of charge and as promptly as possible.

  • No activity  performed  by any person referred toin paragraph  1 of this Articlein his official capacity  shall   constitute  a  r-eason  fa.-  pr-eventing   his   entry  into  or-  departu..-e  fr-om  the territory  of Barbados or- for  requiring him toleave  such territory.
  • No person referred to in paragraph 1 of this Article shall be required to leave Barbados save in the event of an abuse of the right of residence, in whioh case the following procedure shall apply:
  • no  pr-oceedings  shall  be  instituted  to  require  any  such  person to  leave  Barbados except  with  the  pr-ior  approval  of  the  Minister  fo..-  the  time  being  r-esponsible  for For-eign Affair-s of  Ba..-bados;
  • i.n the case of a Representative of an African State.such approval shall be given only after- consultation with the government of the Representative conoemed;
  • in the case of the President , Vice-Pre sidents. a Director or an Altemate Director. such approval shall be given after- consultation. and in agreement with. the Chairman of the General Meeting of the Bani< wti ch agreement shall set out the procedure and conditions of such removal;
  • in the  case  of  any  other  persons  referred  to  in  paragraph  1 of  this Article, such approval shall be given only after consultation with the  President which agreement shall   set   out   the   procedure   and  conditions  of   such   r-emova.l,  and   if   expulsion proceedings are taken  against  any  such person the President;  and
First Schedule – (Cont’d)
  • persons who are entitled to diplomatic privileges and immunities under this Ag reement shall not be required toleave Barbados otherwise than in accordance with the customary procedure applicable to members of the slaff of comparable rank or heads of diplomatic missions accredited to Barbados.

5.                         The   provision   of  this   Article  shall  not   prevent   the   requirement   of  reasonable evidence to establish that  persons claiming the rights granted  by this Article come within  the  classes   described   in  paragraph   1 or  the   reasonable   application   of quarantine and health  regulations.

ARTICLE XV

The President and the Appropriate Authorities  of   Barbados shall.al he request of eilher of them. consult  with  each  other  and  agree  onlhe  procedure  for  facilitating entrance  into  Barbados  by persons other than those referred toin paragraph  1 of Artide XIV.

PART VIII: REPRESENTATIVES OF SHAREHOLDERS

ARTICLE XVI

1.Representatives  of  Shareholders  to  meetings  of,  or  sponsored  by the  Bank,  and  those who have official business with the  Bank. shall while exercising their functions and during their joumey to and from   Barbados enjoy  the following privileges and immunities:

  • immunity  from  legal  process  of  every  kind,  including immunity  from  personal  arrest  or detention and from  seizure  of their personal baggage, and  in respect of words  spoken or written and all acts done by them in their capacity  as Representalives of  Shareholders;
  • inviolabi i y of all papers and documents;
  • the right to  use codes  andlo  receive  papers or correspondence  by courier orin sealed bags;
  • exemption in respect oflhemselves and their  spouses  and members of their families from immigration restrictions.and alien registration or national service obligationsin Barbados :

(e)      the  same  pri”V’ileges  in  respect of  currency or exchange facililies   as are  accorded  to

representatives of foreign governments on temporary official missions ;

  • the  same  immunities  and  faciliiesin respect  of  their  personal baggage  as are  accorded

to diplomatic envoys; and.

  • such other privileges. immunities and facilities as diplomatic envoys enjoy , except that they shall have no right to claim exempt on from customs duties on goods imported othenNise than as part of their personal baggage.

ARTICLE XVII

To secure for Representatives complete freedom of speech and independence in the discharge

of their  duties, the  immunity from  legal process in respect of words SJX)ken  or \IYl””itten and all acts

First Schedule – (Cont’d)

done by them in discharging their duties shall continue to be accorded, notwithstanding that the person concerned is no longer a Representat ve of a Shareholder.

ARTICLE XVIII

Where the incidence of any form of taxation depends upon residence, periods during which Representatives and Directors and Alternate Directors are present in Barbados for the discharge of their duties shall not be considered as periods of residence.

ARTICLE XIX

  1. The provisions of paragraphs (e), (f) and (g) of Article XVI and Article XVIII shall not be applicable to nationals and permanent residents of Barbados.
  • The President shall communicate to the Government a list of Representatives and shall

..-evise  suchlist  from time to time as may  be necessary .

PARTIX: THE PRESIDENT, VICE-PRESIDENTS, DIRECTORS

AND ALTERNATE DIRECTORS

ARTICLE XX

  1. Whi e  exercising  their  functions  at  the   Bank  and  during  their  journey   to   and  from  the Caribbean  Community  office  , the  Directors  and Alternate  Direc,tors  shall,  subject  to the provisions of  Article  XIX . enjoy  in   Barbados  the  like  immunities  and  pr vileges stated  in Article XVI  and the same immunities, exemptions  and  privileges  as  are  accorded  by the Government  to   non-resident   numbers  of   diplomatic   missions   of   comparable   rank   in conformity with  international  law.
  • The President, the Vice-Presidents, Directors, and Alternate Directors (if resident in Barbados) shall, subject to the provisions of Artide XIX, enjoy in Barbados the immunities and privileges stated in Anicle XVI and the same immunities and privileges as the Government accords to resident diplomatic representatives of comparable rank.
  • The President, sh.ell be accorded the  privileges snd immunities. e.,c;emptions  and facilities accorded to ambassadors  who are  heads of missions;
  • A Vice-President or a senior official of the Bank, when acting on behalf of the President during his absence fron, duty . shall be accorded the same privileges and immun’iles, exemptions, and facilities as are accorded to the President; and
  • The  Vice-Presidents,  the  Executive-Secretary  and  such  other  Employees  as  may  be designated  by  the  President  on  the  grounds  of  responsibiities  of  their  positions   in  the Bank, shall  be accorded the same  privileges and immunities, exemptions and facilities as
First Schedule – (Cont’d)

the Government accords to members, having comparable rank. of the staff of diplomatic

missions accredited to Barbados. PART X: EMPLOYEES OF THE BANK

ARTICLE XXI

Employees of the Bank shall enjoy within Barbados the following privileges . exemptions, and

immunities

  • immunity  fromlegal  process of  any kind in respect of  words  spoken  or written  and of  acts performed  by them  in  their  official  capacity.  such  immunity  to  continue  notwithstanding that the persons concerned may have ceased to be Employees  of the Bank;
  • immunity  from personal arrest or detention  and  from inspection, seizure  of  their personal

and official baggage;

  • exemption from taxation in respect of the salaries, emoluments, Indemnities, benefits, fees, and pensions paid to them by the Bank for their services with the Bank;
  • exemption from all fom,s of taxation on income derived by them from sources outside Barbados;
  • exemption from registration fees in respect of their automob iles; .
  • exempUon with  respect  to  themselves  and  Dependents  from  national service  obl gat ons provided  that  with  respect  to  nationals  of  Barbados  such ex.emption  shall be  confined  to officials  whose names have, by  reason of  their duties, been placed  upon  a  list compiled

by the President and approved by the Government.

  • freedom to acquire or maintain within Barbados or elsewhere foreign securities, foreign cunrency accounts. and other movable propeny and the right to take the same out of Barbados through authorized channels without prohibition or .-estriction;
  • If there is a restriction on foreign acquisition or ownershipof immovable property by foreign nationals , the freedom to purchase one dwelling house within Barbados for strictly personal use, and U1e right to finance such purchase through local mortgage arrangements under the same conditions appl cable to nat onals of Barbados:
  • in the event of sale of such house, the right to take out of the Barbados through authorized channels. the proceeds of the sale in convertible currency;
  • when they are not nat onals of Barbados. the :same protection and repatriation facilities with respect to themselves, their spouses, and their Dependents as are accorded In time of international crisis to members of diplomatic missions accredited to Barbados;
  • exemption,  with  respect  to themselves , their  spouses  and  dependents  from  immigration

restr ctions and aLien registr-at;on;

  • the right. after taking up their posts, to import for personal use free of duty and otherlevies, prohibitions  and  restrictions  on imports  their  furniture,  household  and  personal  effects including motor vehicle as accorded  by the Government to resident members of diplomatic missions  and;ntemational  o,-ganizations  of  comparable rank;
  • other  privileges  and  exemptions  Which  are  or  may  be  accorded  by  the  Government  to members of diplomatic  missions of  comparable rank or to  Employees  of  comparable  rank of  other  internationa1 organizaUons .
First Schedule – (Cont’d)

PART XI: EXPERTS PERFORMING MISSIONS FOR THE BANK

ARTICLEXXII

Ex.perts  and  consultants     p,erforniing  missions  authorized  by.  serving  on  committees  or  other subsidiary  organs  of,  or  oonsulting  at is  request  in  any  way   w;th. the   Bank    shall  enjoy   the following  privileges  and  immunities  to  the  extent  necessary  for  the  effect ive   exercise  of  their functions:

  • Immunity in respect of themselves, their spouses and their dependent children from

personal arrest or detention and from seizure of their personal and official baggage;

  • immunity from  legal process of  any kind with  respect  to words  spoken  or  written, and all acts done by them in the performance of their official functions: such immunity to continue notwithstanding that the  persons concerned  may no longer be employed on missions for, serving  on  =mmittees  of, or  acting  as  consultants  for  the  Bank, or  may  no longer  be present  at the Caribbean Community  office or  attending meetings convened  by the  Bank:
    • Inviolability of all papers, documents and other official material.
  • The right, for the purpose of all communications with the Bank, to use codes and to dispatch or receive papers, correspondence, or other official material by courier or in sealed bags.
    • Exemption  with  respect  to  themselves  and  their  spouses  from  immigration  restrictions. alien registration and, where they  are not nationaJs  of Barbados ,exemption from  national service obligalions_

(f)           The  same protection and  repatriation facil ties  with  respect  to themselves.  their spouses. lheir  dependents   as  are  accorded  in  time  of   inlemational  crisis  to  members,  having comparable  rank of the staff  of  diplomatic missions accredited  in Barbados.

  • The same  privileges with  respect  to  currency  and exchange  restrictions  as a.re  accorded to representatives of foreign govemments on te·mporary official missions;  and
  • The same immunities  and facilities  with  respect  to their  personal  and  official  baggage  as the  Government  accords  to members,  havirg  comparable rank,  of  the  sta’ff  of  diplomatic missions accredited to Barbados.

PART XII:LIST OF OFFICIALS, IDENTIFICATION PAPERS AND WAIVER  OF IMMUNITIES

ARTICLE XXIII

  1. The   President   shall  CXJmmunicate   to   the   Govemment  lhe   list   of   persons   entitled   to immunities,  privileges  and  exempUons  hereunder  and  shall  revise  such  list  from  time  to time as  may be  necessary.
  • The Government shall furnish persons within the s=pe of the above-mentioned Articles

with  anidentity  card certifying that they  are officials or consultants or ex perts of the  Bank

First Schedule – (Cont’d)

and that they are entitled to the immunities, privileges and exemptions provided for in this Agreement.

  • The   Bank   may  issue   diplomatic  and  ordinary   Laissez-Passer   to  its   officials. These Laissez-Passer   shall   be   recognized   and   accepted   as   val d  travel   documents   by   the appropriate  authorities of Barbados.

4.           The  immunities  and privileges accorded  by this Agreement  are granted  in the interest or the  Bank. The  Board or  Directors  of the  Bank or the  President,  as the  case may  be, shall have the  right  and duty  to  waive  the immunity  of  any  Director, Alternate  Director. Vice­ President. official.  expen or  consultant of  the  Bank in cases  where,  in the  opinion of the Board of Directors or the President, suchimmunity wouldimpede the course of justice and can be waived without prejudice to the interests of the  Bank.

PART XIII: GENERAL PROVISIONS

ARTICLE XXIV

Any  dispute  between  the  Bank  and the  Government  concerning the Interpretation or appl cation of this Agreement  or of any  supplemental a.gre.ement , on any  questions  affecting  the   Caribbean Representative  Office  of  the  Bank    o.-  the  relationship between  the  Bank  and the  Government, which is not settled by negotiation or  other agreed mode of  settlement  shall  be referred for  final decision   to   a  tribunal  of  three  arbitrators: one  to   be  appointed   by  the   President;  one  to  be appointed by the Minister for  the time being responsible for  Foreign Affairs of  Barbados and the third, who  shall  be chairman of the tribunal.to be chosen by the  first two  arbitrators.  Should  the first   two   arbitrators   fail   to   agree   upon   the   third   arbitrator   within   six   months   following   the appointment of the first two arbitrators or should either pany fail to appoint an arbitrator within one month of  receipt  of  notice of arbitration addressed  by the  other  pany.  such  arbitrators  shall be appointed by the President  of the Inter national Court  of Just ice at the  request of the President or the Govemment.

ARTICLE XXV

Barbados shall not incur by reason of the location of the Caribbean Community Office of the Bank within its territory  any international responsibility  for  acts  or  omissions  of  the  Bank  or  of  officials of  the  Bank  acting  or  abstaining from  acting  within  the  scope  of  their  functions.  other  than  the

international responsibi ity which Barbados would incur under international law.

ARTICLE XXVI

  1. Without  prejudice to  the privileges  andimmunities  accorded  by  this  Agreement, it  is the duty  or  all  persons  enjoying  such  privileges  and  immunities  to  respect  the   laws  and regulations of  Barbados.
  • Without prejudice to the privileges andimmunities accorded by this Agreement , the Bank shall cooperate at all times with the appropriate authorities or Barbados to facilitate the proper administration of justi ce, secure the observance of poil oe regulations and prevent the occurrence of any abuse or the privileges.immunities and rac l ties provided for under this Agreement.
  • The   President   shalllake   every   precaution   to   ensure   that   no   abuse   of   a   privi’lege   or immunity  conferred  by  this  Agreement  shall  occur, and  for  this  purpose  shall  establish such rule.s  and regulations as may  be deemed  necessary  or expedient_
First Schedule – (Cont’d)
  • Should  the  Government  consider  that  an  abuse  of  a  privilege or  immunity  conrerred  by this   Agreement    has   o=urred.   the   President   shall.   upon   request.  consult   with   the appropriate  authorities of  Barbados to determine whether  any  such  abuse  has occurred. If   such   consultations  fail  to   achieve   a   result   satisfactory  to  the  President   and  to  the Government. the  matter shall be  determined in  accordance with \he  procedure  set  outin Article XXIII.

ARTICLE XXV11

This Ag.-eement shall apply i.-respective of whether the Government maintains or does not maintain diplomatic relations with any State concerned in any matter relating to or arising under this Agreeme nt and irrespective of whether the State concemed grants a simjlar privilege or immunity to diplomatic envoys or nationals o-r Barbados.

ARTICLE XXVIII

  1. In so far as this Agreement imposes obligations on the Appropriate Authorities of Barbados. the ultimate responsibility for the fulfillment of such obligations shall rest with the Government.
  • For purposes of \his Agreement,the Bank and the Government shall by mutual agreement determine diplomatic positions, and those of international organizations. comparable in rank to positions occupied by officials of the Bank.
  • The provisions of this Agreement shall be complementary to the provisions of the Partnership Agreement . . In so far as any provisions of this Ag.-eement and any provision of the said Agreement relate to the same subject matter. such provisions shall. wherever possible be treated as <X>mplementary. so that both provisions shall be applicable and neither shall narrow the effect of the other.
  • This Agreement shall be construed in \he lght of its primary purpose of enabling the Bank at the Caribbean Community offioe 10 discharge its functions and fulfil its purposes fully and efficiently.
  • Consultations with respect to modifications of this Agreement shall be entered into at the requesl of the Bank or the Government.
  • The Bank and the Government may enter into such supplemental agreements as may be

necessary.

  • This  Agreement  and any supplementat  agreements  concluded  between the  Government and  the  Bank  shall  enter  into force  upon signature,  and  cease  to  be in  effect  two  years after either party shall have given  notice in writing to the  other or its decision to terminate the same,  except  as regards the provisions that apply to the normal cessation of activities of  the  Bank In Barbados and the disposal of its propeny therein.
First Schedule – (Concl’d)

IN WITNESS WHEREOF the undermentioned representatives duly authorised in that behalf have executed this Agreement.

FOR THE GOVERNMENT OF

BARBADOS

FOR THE AFRICAN EXPORT· IMPORT BANK

f.   ·

·····: ·-··········                         ······ ·· ······

The    on.Mia             r Mottley  SC, MP PRI  E MINISTER OF BARB   OS

Prof.Benedict 0.Oramah PRESIDENT OF THE BANK

SECOND SCHEDULE

(Section 2)

Agreement for the Establishment of a Partnership between Member States of the Community and the African Export-Import Bank

AGREEMENT

FOR THE ESTABLISHMENT OF A PARTNERSHIP

BETWEEN

MEMBER STATES OF THE CARIBBEAN COMMUNITY

AND

THE AFRICAN EXPORT-IMPORT  BANK

1   {‘ AFREXIMBANK”)

Second Schedule – (Cont’d)

THE  MEMBER STATES OF THE CARIBBEAN COMMUNITY AND  THE AFRICAN EXPORT- IMPORT BANK (“AFREXIMBANK””)

HAVING REGARD  to the Agreement  establishing the African  Export  Import Bank signedin Abidjan, Cote  d’Ivoire  on  the  Bill of  May  1993, which  created  the  Bank  as  a  multilateral development  finance institution with juridical personality;

MINDFUL that Africans on the African continent and Afr0eCaribbeans largely share cultural and political ties that run deep based on a shared history and culture, as well as a sense of a common identity and wish to strengthen African solidarity by means of fostering economic cooperation between Africa and the Caribbean;

NOTING THAT  in January  2008, by resolution EX.CL/Dec.406(XII), the  Executive Council of the African  Union suggested that the African  diaspora be treated as Africa’s sixth region  and its  participation in the African Union’s organs and activities be strengthened;

FURTHER  NOTING  THAT  by  resolution Assembly/AU/Res  1(XVIII)  of  January  2012, the Assembly of the  Heads of States of the African  Union have recognized the African diaspora as  a substantive  entity contributinglo the economic and social development  of the continent and have invited its representatives  as observers to Assembly sessions;

CONSIDERING  THAT  Afreximbank,  an  accredited  member  of  the  African  Union,  is  fully estabrished,   operational  ancl  capitalized,  and  with  its  subsidiaries,  has  deepened  Africa’s market  integration  and  significantly  increased  the   volume  of  trade  that  African  countries undertake  among themselves  and  made significant  contribution to  economic integration  and African Continental Free Trade Area (“AfCFTA”) implementation;

CONVINCED that the objective of promoting and expanding two-way trade  between  Africa and the Caribbean, thereby stimulating economic development and promoting South-Soutt, cooperation, can best be achieved through the creation of linkages between Africa ::ind the Caribbean;

HAVING REGARD TO Article 5(1)  and Article 5(2)(vi) of the Charter which set out the objects

Second Schedule – (Cont’d)

and powers of the Bank to facilitate, promote and expand intra-African and extra-African trade and to promote and finance South,South trade between African and Caribbean countries;

PLEDGING that each Participating State shall accord to the Bank a status not less favorable than that of a non-resident corporation, and confirming that the Bank shall enjoy all fiscal exemptions, financial facilities, privileges and concessions granted to international organisations, banking establishments and financial institutions by the Participating States;

HAVE HEREBY AGREED AS FOLLOWS:

ARTICLE I

ESTABLISHMENT, DEFINITIONS

t.       There shall be established an international partnership which shall prescribe the guiding framework     of    engagement     between     “the     African     Export-Import     Bank

{“AFREXIM BANK”)’,  (hereinafter  called  “the  Bank”),  and  the ‘Member  States  of  the Caribbean  Community’  which  shall  operate  in accordance  with  the provisions  of this Agreement.

  • For the purposes of this Agreement:
  1. “Africa” shall mean the continent bounded by the AtlanUc Ocean,tile Mediterra nean Sea, the  Red  Sea  and  the  Indian  Ocean, including  the  islands  of  Cape  Verde, Madagascar, Mauritius, Seychelles and Comoros;
  • “Afro·Car!bbean” means  a  person  of  African  descent  of  Caribbean  residence  or nationality;
  • “Caribbean” means a region of the Americas that consists of the Caribbean Sea, its islands and the surrounding coasts;
Second Schedule – (Cont’d)
  • “Charter” means the constituent  charter appended to the  Establishment Agreement which prescribes the provisions for the operation of the Bank;
  • “Establishment Agreement” means the Agreement  establishing the African Export Import Bank signed in Abidjan, Cote d’Ivoire on the et11°1 May 1993  and attached as Annex 1 to this Agreement;

n  “Participating States”  means  those  Member  States  of  the  Caribbean  Community that shall sign this Agreement  on or before the  date it enters into force. and ratify it

and those that shall accede to this Agreement  thereafter:

g)   “Members of the Caribbean Community” means those States listed in Annex 2 to this Agreement;

:}.      For the avoidance of doubt, this Agreement  does not preclude Participating States from becoming  Shareholders in the Bank and each Participating State shall encourage,  and collaborate  with  other  Member States of  the  Caribbean Community  to facilltate their becoming  Shareholders  in  accordance   with  the  provisions   of   the   Establishment Agreement and the Charter.

ARTICLE II

PURPOSE AND FUNCTrONS

  1. To ensure the attainment of the purpose for this Agreement as stated below, Participating States and the Bank agree;
  • To cooperate with, support and provide assistance of all types and  nature to enable the promotion and financing of South-South trade between  African countries and Member States of the Caribbean Community;

(HJ        To  promote, to  the  extent  permissible under  the  Establishment  Agreement , the

Second Schedule – (Cont’d)

financing by the Bank of exports and imports of non-traditional African goods and services and goods and services of Member States of the Caribbean Communrty in any  appropriate  form,  through  extending direct  or indirect  credit  to  eligible businesses in Participating States.

(iii.)       to  collaborate,  support  and  promote  the  work  of  the  Bank  in  acting  as  an intermediary   between   Afncan   exporters   and   importers  and   exporters   and importers of Member States of the Caribbean Community through the issuance of letters of credit, guarantee and other trade documents in support of export-import

Ira nsactions;

Qv) to support the promotion and provision of insurance and guarantee services covering commercial and non-commercial risks associated with African exports and exports of Member States of the Caribbean Community;

  • to provide support to payment arrangements aimed at expanding the internationa l trade of African States and Member  States of the Caribbean Community;
  • to facilitate the carrying  out of market research and the provision of any  auxiliary services  aimed  at  expanding  the  international  trade  of  African  countries  and Member  States  of  the  Caribbean  Community   and  to  promote  and  provide insurance and guarantee  services covering  commercial and non-commercial risks associated with African exports and  exports of Member States of the Caribbean Community;
  • to fac ilitate and support the carrying on of banking operations and the borrowing of funds; and
  • to facilitate and support the pertonnance of such acts and do such things as shall be required, desirable, incidental or conducive to the attainment of the foregoing purpose and functions .

Second Schedule – (Cont’d)

ARTICLE Ill PARTICIPATION

1. Participation in this Partnership Agreement shall be open to all Member States of the Caribbean Community.

2.        Any Member State of the  Caribbean Community  which has not signed this Agreement before  the  date  on  which  this  Agreement  enters  into  force  shall  accede  to  this Partnership Agreement by depositing an instrument of accession with the Depositary in the form of Annex 3 or any other form acceptab le to the Depositary .

ARTICLE IV

REPRESENTATIVE OFFICES AND SUBSIDIARIES

  • The Bank may establish representative offices, agencies or subsidiaries in the territories of Participating States selected by the Board of Directors of the Bank.

4.         The Participating State in whose territory a representative office or a subsidiary is to be located shalJ sign with  the Bank, and take all necessary measures to make effective in its  territory,  an  agreement  in the form  and  substance  annexed  as  Annex  4  to this Agreement regarding the location of the respective representative office or subsidiary.

ARTICLE V

IMMUNITIES, EXEMPTIONS, PRIVILEGES, FACILITIES AND CONCESSIONS

Each  Participating  State  shall  take  all  legislative  action  under  tts  national  law  and  all administrative measures, as are necessary, to enable the Bank to effectively fulfill its purpose and carry out the functions entrusted to it. To this end, each Participating State shall accord to  the  Bank,  in its  territory, the  status,  immunities,  exemptions,  privileges,  facilities  and

concessions set forth in this Agreement,  and shall promptly inform the  Bank of the specific action it has taken for this purpose.

Second Schedule – (Cont’d)

ARTICLE VI LEGAL PROCESS

  1. Actions may be brought against the Bank in any court of competent jurisdiction in the territory of the state in which the Bank has a representative office or a subsidiary, or has carried out any operation or appointed an agent for the purpose of accepting service or notice of process or has otherwise agreed to be sued. No such action against the Bank shall be brought by: (a) a Participating State; (b) a shareholder or a fonner shareholder of  the Bank or persons act ing for  or  deriving claims from  a shareholder or a former shareholder; or (c) any natural or legal persons in respect of: (i) transactions governed by  arbitration  agreements;  (ii)  matters  pending  before  an  arbitral  tribunal;  and  (iii) personnel matters.

2..       Without  prejudice to  the provisions  of  paragraph  1 of this  Article, disputes  arising in connection with the  operat ions  of the Bank  shall be subject  to conventional  business practices and ordinary legal processes applicable thereto.

ARTICLE VII

IMMUNITY OF PROPERTY AND ASSETS

  1. The  property and assets of the Bank wherever located and by whomsoever  held shall be   inviolable   and  shall   be  immune  from:   {a)  search,  requisition,  expropriation, confiscation, nationaliz;ation and  all other  forms  of  seiz;ure, taking or  foreclosure  by executive  or  legislative  action;  and  (b)  seizure,  attachment  or  execution  before the delivery of finaljudgment or award against the Bank.
  • Without  prejudice  to  the  provisions  of  paragraph  1 of  this  Article, the  property  and assets of the Bank shall be subject to due legal processes and judicial action taken by ordinary courts of competent jurisdiction.

Second Schedule – (Cont’d)

  • For the purpose of this Article and Art icle Vlll of this Agreement, the term “property and assets of the Bank’ shall include property and assets owned or held by the Bank and deposits and funds entrusted to the Bank in the ordinary course of business.

ARTICLE VIII

FREEDOM OF PROPERTY, ASSETS AND OPERATIONS FROM RESTRICTION

1.      To  the  extent  necessary  to  implement   the  purpose  of  the  Bank  and  carry  out  its functions,   each   Participating   State   shall  waive.   and   refrain  from   imposing,  any administrative,  financial  or  other  regulatory restrictions  that  are  likelylo  hinder in any manner the smooth functioning of the Bank or impairits operations.

  • To  this  end, the Bank, its property , assets,  operations  and activities  shall  be free from restrictions,   regulations.   supervision   or   controls,   moratoria   and   other   legislative. executive, administrative, fiscal and monetary restrictions of any nature.

ARTICLE IX IMMUNITY OF ARCHIVES

The  archives  of the  Bank and,  in general,  all  documents  belonging  to,  or  held  by, the Bank  shall be inviolable wherever located,  except  that  the  immunity  provided for  in this Article shall not extend to documents required to be produced in the course  of judicial or arbitral  proceedings  to  which  the   Bank  is   a   party   or   proceedings   arising  out  of transactions concluded by the Bank.

ARTICLE X

PRIVILEGE FOR COMMUNICATIONS

Official  communications  of  the Bank  shall  be  accorded  by each Participating  State  the

Second Schedule – (Cont’d)

same 1reatment and preferential rates that it accords to the official communications of international organizations.

ARTICLE XI

PERSONAL  IMMUNITIES, PRIVILEGES AND EXEMPTIONS

  1. All   Representatives,   the   President,  Vice-Presidents,   Directors,  Alternate   Directors, officers  and employees  of the  Bank  and  consultants  and  experts  performing missions for the Bank:
  • shall be immune from legal process with respect to acts performed by them in their official capacity;
  • shall be  accorded the  same  immunities from  immigration restrictions  and  alien registration  requirements , and  not  being local  nat ionals,  shall  be ao::orded  the same  immunities  from  national  service  obligations  and  the  same  facilrties  as regards  exchange  regulations,  as  are accorded  by each  Participating  State  to representatives,  officials  and  employees  of comparable  rank or  other  states  or international organizations; and

(iii) where they are not resident nationals, shall be granted the same treatment in respect of travelling fucilit ies as is accorded by Participating States to representatives, officials and employees of comparable rank of other states or international  organizations.

  • The President, Vice-Presidents, officers and employees of the Bank:
  • shall be immune from personal arrest or detention. except that this immunity shall not apply to civil liability arising from a road traffic accident or to a t raffic offence; and
  • shall  be  exempt   from  any  form   of   direct   or   indirect  taxation   on  salaries ,

Second Schedule – (Cont’d)

emoluments, indemnities and pension paid by the  Bank.

ARTICLE XII

WAIVER OF IMMUNITIES AND PRIVILEGES

The  immunities  and  privileges  provided in this Agreement  are granted in the  interest of the Bank and may only be waived, to such extent and upon such conditions as the Board of Directors of the Bank shall determine, in cases where  such  a waiver  would not, in its opinion,  prejudice the  interests  of the  Bank. The  President  of the  Bank shall  have the right and the duty to waive the immunity of any officer, employee,  consultant or expert of the Bank in cases where .in his opinion, the immunity would impede the course of justice and   can   be   waived   wit hout   prejudice   to   the   interests   of   the   Bank.   In   similar circumstances  and under the same conditions, the Board of Directors shall have the right and  duty  to  waive  the  immunity  of the  President  or  any  Vice-President,  Director  or Alternate Director of the Bank.

ARTICLE XIII EXEMPTION FROM TAXATION

l.        The  Bank,  its property,  assets,  income. operations  and  transactions  shall  be exempt from  all  taxation  and  custom  duties.  The  Bank,  and  its  receiving, fiscal and  paying agents  shall  be  exempt  from  any  obligation  relating  to  the  payment,  withholding  or collection  of  any tax  or duty  oulof funds  owned  by,  or otherwise  appertaining to, the Bank.

2.      Without prejudice to the generality  of the provisions of paragraph  1 of this Article, each ParticipaUng State shall take   all  necessary   action   to   ensure   that the property  and assets  of  the  Bank,  its  capital, reserves  and  dividends,  Joans,  credits,  guarantees, securities,  and other investments and transactions, interest, commissions. fees, profits, gains,  proceeds  of  realization  and  other  income,  return  and  moneys  of  any  kind, accruing, appertaining or payable  to the Bank from any source shall be exempt from all

Second Schedule – (Cont’d)

forms  of taxes,  duties,  charges, levies,  and imposts of any  kind whatsoever,  including stamp duty and other documentary taxes,  heretofore  levied or hereafter imposed inits territory.

3. The provisions of paragraphs 1 and 2 of this Article shall be applied without prejudice to the right of the Participating States to tax their residents in the manner each state deems appropriate.

ARTICLE XIV

FJSCAL EXEMPTIONS, FINANCIAL FACILITIES, PRIVILEGES AND CONCESSIONS

-1.        The  Bank shall  be accorded  by each  Participating  State  a  status  not less favourable than that of a non-resident  corporation,  and shall enjoy  all fiscal exemptions,  financial facilities,  prhlileges  and  concessions  granted  to international  organizations,  banking establishments and financialinstitutions by the Participating States.

  • Without prejudice to the generaltty  of the provisions of Article X and paragraph  1 of this Article   by  reason  of   the   following   enumeration,   each   Participating   State   hereby authorizes the  Bank to freely and without  any restriction, but to the extent necessary to implement its purpose and carry out its functions set forth in this Agreem ent, to:
  • carry on all forms  of  banking  business  and financial  services  authorized  under this Agreement;

(ii)     purchase, hold and dispose of national currencies;

(ili)        purchase,   hold  and   dispose   of   convertible   currencies,   securities,  bills   of exchange  and  negotiable  instruments, and  transfer  the same  to, from  or within the territory of any Participating State;

{iv)       open, maintain and operate accounts in national currencies in the

Second Schedule – (Cont’d)

territories of the Participating States;

(v)         open,  maintain  and  operate  convertible  currency  accounts  in  the  territories  and outside the territories  of the Participating States;

(vl)       raise funds and make loans in convertible  currencies,  provided that it shall seek the consent  of the  Participating State in whose  market it intends to  raise funds; and

(vii)        carry out any operation authorized  under the Charter.

ARTICLE XV SUPPLEMENTARY   AGREEMENTS

Each Participating State may enter into a supplementary agreement with the Bank to the extent necessary to attain the purpose of this Agreement.

ARTICLE XVI

INTERPRETATION AND SETTLEMENT OF DISPUTES

1.       This Agreement  shall be interpreted  in the light of jts  primary purpose  of  enabling  the Bank to discharge its functions  and f ulfill its purpose in the furtherance  of intra-African, extra-African and South-South trade fully and efficiently.

Any dispute among the parties to this Agreement or between the Bank  and a party  to this Agreement regarding the interpretation or application of any provision of this Agreement or any supplementary agreement shall be resolved preferably through direct negotiations  between  the parties.

  • Jn the case  of  a  dispute  between  the  Bank  and  a  Participating  State  who has ceased to be a Shareholder of the Bank, or whose nationals have ceased to be Shareholders of the Bank, or a dispute between the Bank and a party to this Agreement upon the termination of the operations of the Bank, such dispute shall be referred for
Second Schedule – (Cont’d)

final  decision to a tribunal consisting of three arbitrators ; one arbitrator  selected by the Bank, the  second arbitrator  by  the  party to the dispute,  and the Bank and the party to the dispute  shall  appoint  the  third  arb’1rator.  If within  a  period  of  sixty  (60)  days  of

receipt of notice of arbitration either party has not appointed an arbitrator, or if   within

thirty  (30)  days  of  the appointment  of  the  two  arbitrators,  the  third  arbitrator  has  not been appointed, the  said arbitrator shall  be appointed by the Secretary-General  of the International Center for the Settlement of  Investment Disputes, at the request of either party.  The  procedure  of  arbitration  shall  be  fixed  by  the  arbitrators,  but  the  third arbitrator shall have full power to settle all questions of procedure where the arbitrato rs are in  disagreement  with  respect therelo.  An  award  rendered  by the  majority  of  the arbitrators shall befinal and binding on the Bank and the party to the dispute.

ARTICLE XVII

ENTRY INTO FORCE

  1. This  Agreement  shall  be open  for  signature  by the  Member States  of  the  Caribbean Community listed in Annex 2 and shall be subjecl to ratification, acceptance,  or approval.
  • The present Agreement shall enter into force on the day when:

{i) two {2) Member States of the Caribbean Community and the Bank have signed the Agreement; and

(ii) two (2) instruments of ratification, acceptance and/or approval have been deposited.

  • Member  States  of  the  Caribbean Community  which  have  not  signed  this Agreement before  its  entry into  force  may,  pursuant  to  paragraph  2  of  Article  Ill, accede to this Agreement  by depositing an instrument of accession with the Depositary.
  • This Agreement  shall take  effect for  each Member  State of the Caribbean  Community on the date of deposit of its instrument of ratification, acceptance, approval or accession in accordance with its constitutional or other applicable statutory procedures  and for the bank on signature by its President.
Second Schedule – (Cont’d)

ARTICLE XVIII

DEPOSITARY

lnstrumenls of  ratification, acceptance, approval or accession  shall  be deposited with the Executive-Secretary of the Bank.

IN WITNESS WHEREOF the undermentioned representatives duly authorised in that behalf have execuled this Agreement.

WlbM){J5  

Done  at  _ .,,_._””‘”””””‘””‘..:.JIM…..J…-   ,. .__        on  the

2022.

r     day    of

Second Schedule – (Cont’d)

Professor Benedict Okechukwu Oramah President and Chairman of the Board of Directors

Signed by

t\-OtJ ‘DAf.v. fLL  MA1frl8v

day of                      2022

Signed by

for the Government of The Commonwealth of The Bahamas OI) the                  day of

2022

at

Signed by

for the Gove7 ment of Barba os on the I

Signed by

for the Government of Belize on the             day of                                 2022

at

2022

Second Schedule – (Cont’d)

Signed by      Ced     &?

-1-\-  £   R.oosev1;:LT   .SK”E-Rl2JT

forthe Government of The Commonwealth of Dominica on the        (Y!’     day of   Sg7fC-,N\B l?1<.

2022

at

Signed by

2022

at

Signed by

for the Government of Haiti on the                day of                                       2022

at

Signed by

for the Government of Jamaica on the            day of                                                  2022

at

Second Schedule – (Cont’d)

Signed by

for the Government of Montserrat on the              day of                          2022

3t

Signed by

i,:  OR \   R E,Nce. DR-fw

for the Government of St (Chris1opher) Kitts and Nevis on the      jST      day of                                                                                          011\Stll

2022

Signei.J by

for the Government of Saint Lucia on t

HfflJ 6V) rnA- ti/POL lff

1<}’T    day of     Sc:PfeW\G> G-f-1…   2022

at

Signed by   ‘    .A

H·e K-a SAf.. fu·t(:-(

for the Government of St Vincent and the Grenadines on the       Qfday of   S’ff ff :M Bf:R

2022

at  f’6Rt,o(iei’lw\JN I

·Signed by

ent of The Republic of Suriname on the   isr day of  S‘f::PrENt.8 2022

Second Schedule – (Concl’d)

Signed by

for· the Government of The Republic of Trinidad arid Tobago on the                    day of

2022

at