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The Portfolio Improvement Program (PIP) was launched by the World Bank about a year ago to improve the performance of its project portfo- lio. Within that review, the performance of social funds was evaluated for such things as efficiency, targeting, and sustainability. As the largest multilateral development finance agency, the World Bank lends about US$20 billion annually for development all over the world. Its portfolio of 1,500 projects under implementation accounts for close to US$120 billion of commitment on the part of the World Bank. Com- bined with the contributions of cofinanciers, borrowers, and beneficia- ries themselves in terms of their own counterpart financing, the total portfolio of these 1,500. | THE INVESTMENT FUNDS ACT No. 20 of 2003 Citation. Interpretation. No. 20 of 2003. THE INVESTMENT FUNDS REGULATIONS 2003 The Minister in exercise of the powers conferred by section 62 of the Investment Funds Act 2003 hereby makes the following regulations - PART 1 PRELIMINARY 1. These Regulations may be cited as the Investment Funds Regulations 2003. 2. In these Regulations - Act means the Investment Funds Act 2003 connected person means - a any individual or company beneficially owning directly or indirectly ten per cent or more of the ordinary share capital of an investment fund or able to exercise directly or indirectly ten per cent or more of the total votes in that fund b any individual or company controlled by an individual or company referred to in paragraph a c any member of a group of which the fund or a person referred to in a or b forms a part d any director or officer of the fund or any director or officer of a company referred to in paragraph a b or c or e any person being a promoter broker underwriter 2 banker investment banker or professional advisor who has a special relationship with any person described in paragraph a b or c custodian means a person appointed under regulation 13 directors means in relation to an investment fund that is a company the operator of the fund financial institution means a bank or trust company an investment fund administrator a broker-dealer or securities investment advisor regulated by a regulatory authority in The Bahamas or such other foreign financial institution located in a prescribed jurisdiction which is regulated by a foreign regulatory authority having similar regulatory and supervisory responsibilities to those of the Commission or the Central Bank of The Bahamas partner or general partner means in relation to an investment fund that is a partnership the operator of the fund prescribed jurisdiction means any jurisdiction that is prescribed by the Commission by notice in the Gazette prescribed market or .
