PetroCaribe             PDVSA

The Fund operates under the broad policy direction of the Minster of Finance and Planning who appoints the selected members of the Board of Management and provides general guidance of its operations. The Board of Management, which provides oversight of the Fund’s operations, is chaired by the Financial Secretary, five (5) other ex-officio members and three (3) selected members who are appointed by the Minister for a three (3) year term. The ex-officio members are:

  • Financial Secretary
  • Cabinet Secretary
  • Permanent Secretary, Office of the Prime Minister
  • Permanent Secretary, Ministry with responsibility for Energy
  • Group Managing Director, Petroleum Corporation of Jamaica
  • Director-General, Planning Institute of Jamaica

The Board meets once per month or in special session as required. Specific functions and responsibilities are delegated to the following three (3) committees so as to improve the Board’s effectiveness and strengthen corporate governance:

  • Loan and Investment Committee
  • Audit Committee
  • Grants Committee

The committees meet prior to monthly board meetings to review financing applications and proposals within their purview. They also review policy and operating procedures to ensure that they are consistent with the objectives of the Fund and the Government of Jamaica’s policy priorities.