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The decision requires approval by the CARICOM leaders for the Barbados-headquartered Caribbean Development Bank (CDB) to be mandated to raise some US$100M for an independent Trust Fund to finance the CCJ to ensure its sustainability and independence.
While neither officials of the Community Secretariat nor Attorney General of Barbados, Mia Mottley, who heads the Preparatory Committee on the CCJ, were prepared to comment on the issue, it was reliably learnt that the majority of Heads of Government favour the financing plan to "get the CCJ on the road", according to one minister.
A few of the leaders feel there needs to be more time to consider the financing project, which would require all signatory governments to the CCJ to be provided with financial aid over a long-term period for contributions to the CCJ out of the CDB-administered Trust Fund for the operations of the Court.
The CCJ is to have original jurisdiction in dealing with disputes among Community members arising from the revised CARICOM Treaty. Its creation is integral to the functioning of the CARICOM Single Market and Economy (CSME).
However, while it is intended to ultimately be the final appeal court for all CARICOM members, it will be so only for about three and no more than four initially, but relevant for all member countries of the CSME.
At present, with the exception of Guyana, all CARICOM states retain the London-based Judicial Committee of the Privy Council as their court of last resort in both criminal and civil cases.
In a number of cases, particularly involving countries of the Organisation of Eastern Caribbean States (OECS), both a two-thirds parliamentary approval and a referendum are necessary for constitutional amendments to sever ties with the Privy Council.
Initial founding members that will have the CCJ as their final appellate institution instead of access to the Privy Council, have been identified as Guyana, Barbados, Jamaica and Trinidad and Tobago.
The previous administration of former Prime Minister Basdeo Panday had offered a building to have the CCJ's headquarter base in Port-of-Spain.
Firm safeguards have also been enshrined in a much-revised inter-governmental agreement for the independence of the CCJ from political influence with only its President being appointed by the Heads of Government, and that by a significant majority based on recommendations from a Judicial and Legal Services Commission.