Article XIII of the Convention establishing the ACS, adopted by member countries in 1994, states that the “Ministerial Council shall establish a Special Fund for the purpose of financing programmes of technical cooperation and related research consistent with the purposes and functions of the Association”. The ACS Agreement No. 4/96, adopted by the Second ordinary Meeting of the Ministerial Council, and the Operational regulation of the Special Fund, adopted by Member Countries in 1998, define the institutional principles of the Special Fund, which is a mechanism to finance ACS cooperation projects with resources apart from the ordinary budget of the Association.
The main objective of the Special Fund (i.e. the Fund) is to finance activities that clearly and decisively contribute to fostering regional functional cooperation among the Members of the Association and to deepening the integration process in the Greater Caribbean region. The Fund channels its resources mainly towards regional functional projects in the focal areas of the Association.
ACS PROJECT CYCLE AND RESOURCE MOBILISATION STRATEGY
The Council of National Representatives of the Special Fund approved a new framework for the development of an effective resource mobilisation strategy for the ACS and a flow chart for the management of ACS projects during its Ninth Meeting on July 11th, 2001. The members of the Council reiterated the importance for Special Fund to become an executing agent of international cooperation for the ACS and the need to actively seek out new sources of funding for ACS projects.