Revised Laws of Saint Lucia (2021)

6.   Saint Lucia National Economic Fund Board

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   (1)   The governing body of the Saint Lucia National Economic Fund is the Saint Lucia National Economic Fund Board.

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   (2)   The Board consists of no less than 5 members and no more than 7 members to be appointed by Cabinet as follows —

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      (a)     the Director of Finance who is the Chairperson;

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      (b)     the Budget Director;

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      (c)     the Chief Economist;

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      (d)     a representative from Invest Saint Lucia;

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      (e)     a representative from the Ministry responsible for commerce;

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      (f)     a representative from the Attorney General's Chambers;

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      (g)     a representative from the private sector.

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   (3)   Cabinet shall appoint one member of the Board to be the Deputy Chairperson.

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   (4)   The Board shall —

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      (a)     manage the monies and business of the Fund;

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      (b)     consider and approve an application for a loan or an investment in a Government approved capital project;

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      (c)     ensure that a loan is used for the purpose for which it was granted;

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      (d)     ensure the repayment of a loan at the time it is due;

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      (e)     ensure that the proceeds of the loan are applied to the Government approved capital project;

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      (f)     establish and maintain a Sinking Fund to be administered and applied as the Board determines; and

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      (g)     do all things necessary or incidental to the effective performance of the functions of the Fund.