July 02, 2007

Funding the CCJ

T&T puts $200m in CCJ Trust Fund
Darryl Heeralal dheeralal@trinidadexpress.com
Saturday, June 30th 2007
Source:Trinidad Express

THIS country has contributed close to a third of the US$100 million for the Caribbean Court of Justice Trust Fund.

Trinidad and Tobago loaned the Trust Fund US$29 million (TT$182.7 million) with the other 13 Caricom countries making up the rest.

Chairman of the board of trustees Dr Rollin Bertrand said yesterday that a schedule on how much money each country contributed was made out using a formula, which he said could be found on Caricom's website.

Bertrand was speaking at yesterday's signing of the agreement establishing the headquarters of the CCJ's Trust Fund between the Trinidad and Tobago Government and the Trust Fund.
The signing took place at the Ministry of Foreign Affairs in Port of Spain.

The money from the trust fund was sourced through the Caribbean Development Bank (CDB) which secured loans from the participating governments.

Bertrand said that several foreign organisations including the European Union had expressed interest in how the fund was set up and the mechanisms behind it.

He explained that several people had concerns over the funding of the CCJ and the possible political influence because of it but he said that these concerns have been allayed because funding was secured through the CDB and not directly from Caricom member States.

Monies from the fund is invested both internationally and regionally and the proceeds will be used to fund the CCJ.

Bertrand said he was not in a position to make public the regional investment portfolios as if any of the companies was brought to court "linkages could be made".

Foreign Affairs Minister Arnold Piggott said that the setting up of the fund was essential to the establishment of the CCJ.

This country is yet to pass legislation making the CCJ our final appellate court.

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