A bill to establish a scholarship program to strenghen and develop the work forces of the countries of the Caribbean Basin, to establish the Caribbean Basin Scholarship Fund, and for other purposes.

Directs the Caribbean Basin Scholarship Commission (established by this Act) to establish and administer a scholarship program in the form of loans to enable students from eligible countries in the Caribbean Basin to study at an institution of higher education or vocational school in the Commonwealth of Puerto Rico. Provides that repayment of such loans will be forgiven upon the student's prompt return to such student's country of origin for a period which is at least one year longer than the period spent studying in Puerto Rico.

Requires Puerto Rico to provide 50 percent of the amount appropriated to the Caribbean Basin Scholarship Fund. Permits such amount to be provided by other than cash.

Establishes the Caribbean Basin Scholarship Fund. Appropriates to the Fund five percent of the amounts received in the Treasury on or after enactment of this Act that are attributable to the duties imposed on all articles imported from eligible countries.

Establishes the Caribbean Basin Scholarship Commission to distribute scholarships to students in eligible countries, giving consideration to: (1) underserved and underdeveloped areas; (2) students who need financial assistance to pursue an education; and (3) institutions of higher education and vocational schools offering training or education in areas that have the greatest potential for strengthening the workforce in the Caribbean Basin.

Specifies conditions for eligibility and selection of scholars.