(1) The governing body of the Saint Lucia National Economic Fund is the Saint Lucia National Economic Fund Board.
(2) The Board consists of no less than 5 members and no more than 7 members to be appointed by Cabinet as follows —
(a) the Director of Finance who is the Chairperson;
(b) the Budget Director;
(c) the Chief Economist;
(d) a representative from Invest Saint Lucia;
(e) a representative from the Ministry responsible for commerce;
(f) a representative from the Attorney General's Chambers;
(g) a representative from the private sector.
(3) Cabinet shall appoint one member of the Board to be the Deputy Chairperson.
(4) The Board shall —
(a) manage the monies and business of the Fund;
(b) consider and approve an application for a loan or an investment in a Government approved capital project;
(c) ensure that a loan is used for the purpose for which it was granted;
(d) ensure the repayment of a loan at the time it is due;
(e) ensure that the proceeds of the loan are applied to the Government approved capital project;
(f) establish and maintain a Sinking Fund to be administered and applied as the Board determines; and
(g) do all things necessary or incidental to the effective performance of the functions of the Fund.