(a) To aid the Insular Government in the performance of its duties to develop the economy of the Virgin Islands, there is hereby created, as a discrete but integral part of the Economic Development Authority established in chapter 21 of title 29, Virgin Islands Code, “The Economic Development Bank for the United States Virgin Islands” (hereinafter referred to as “the Bank”).
(b) The Bank is hereby created as a public corporation and governmental instrumentality as a subsidiary entity of, subordinate in administration and operation to the V.I. Economic Development Authority.