(D) In order to maximize the impact on institution building, loans under this section shall be made primarily to intermediary entities which provide necessary support and services for private sector activities. (E) Loans under this section shall be at or near the interest rate otherwise available to the recipient. (d) 43 (1) If at any time the assets of the revolving fund account exceeds $100,000,000, the President shall remit the amount in excess of $100,000,000 to the United States Treasury. (2) As used in this section, "assets" includes amounts in the revolving fund account plus the value of investments made with amounts from the fund plus the current value of outstanding obligations under loans under this section. (3) In addition to the requirement of paragraph (1), at the end of any fiscal year, the agency primarily responsible for administering this part may determine that amounts in the revolving fund are sufficient to permit the remittance to the United States Treasury of an amount equal to a portion or the total amount of appropriated funds deposited in the revolving fund. Any such remittance shall be deemed to be a decrease in the appropriated funds in the revolving fund. After remittance has been made of an amount equal to the total amount of appropriated funds, the revolving fund shall consist and be deemed to consist entirely of nonappropriated funds. (e) +3 A fee may be charged, where appropriate, in carrying out activities with funds from the revolving fund authorized in this section. The amount of any such fee shall be determined by the agency primarily responsible for administering this part. (f) 43 In the event the revolving fund is terminated, all unobligated money in the fund at the time of such termination shall be transferred to and become part of the miscellaneous receipts account of the Treasury. (g) 43 As part of its annual congressional presentation documents submitted to the Congress, the agency primarily responsible for administering this part shall include a description of projects proposed to be funded from the revolving fund account for that fiscal year. To the extent that projects are proposed for funding which are not contained in the annual congressional presentation documents, at least fifteen days' advance notification shall be provided to the Congress in accordance with section 634A of this Act. (h) 43 Not later than December 31 of each year, the President shall submit a comprehensive report which details all projects funded under this section during the previous fiscal year, all reflows to the revolving fund account, a status report on all projects currently contained in the fund's portfolio. Such reports shall include, but not be limited to, information regarding numbers and kinds of beneficiaries reached, amounts and kinds of benefits provided by the funded projects to targeted populations, and a justification for projects within the context of the goals and objectives of the United States development assistance program. (i) 45 (1) To carry out the purposes of subsection (a), in addition to the other authorities set forth in this section, the agency primarily responsible for administering this part is authorized to issue guarantees on such terms and conditions as it shall determine assuring against losses incurred in connection with loans made to projects that meet the criteria set forth in subsection (c). The full faith and credit of the United States is hereby pledged for the full payment and performance of such guarantees. (2) Loans guaranteed under this subsection shall be on such terms and conditions as the agency may prescribe, except for the following: (A) The agency shall issue guarantees only when it is necessary to alleviate a credit market imperfection. (B) Loans guaranteed shall provide for complete amortization within a period not to exceed ten years or, if the principal purpose of the guaranteed loan is to finance the construction or purchase of a physical asset with a useful life of less than ten years, within a period not to exceed such useful life. (C) No loan guaranteed to any one borrower may exceed 50 percent of the cost of the activity to be financed, or $3,000,000, whichever is less, as determined by the agency. (D) No loan may be guaranteed unless the agency determines that the lender is responsible and that adequate provision is made for servicing the loan on reasonable terms and protecting the financial interest of the United States. (E) The fees earned from the loan guarantees issued under this subsection shall be deposited in the revolving fund account as part of the guarantee reserve established under paragraph (5) of this subsection. Fees shall be assessed at a level such that the fees received, plus the funds from the revolving fund account placed in the guarantee reserve satisfy the requirements of paragraph (5). Fees shall be reviewed every twelve months to ensure that the fees assessed on new loan guarantees are at the required level. (F) Any guarantee shall be conclusive evidence that such guarantee has been properly obtained, and that the underlying loan as contracted qualifies for such guarantee. Except for fraud or material misrepresentation for which the parties seeking payment under such guarantee are responsible, such guarantee shall be presumed to be valid, legal, and enforceable. (G) The agency shall determine that the standards used by the lender for assessing the credit risk of new and existing guaranteed loans are reasonable. The agency shall require that there be a reasonable assurance of repayment before credit assistance is extended. (H) Commitments to guarantee loans may be made by the agency only to the extent that the total loan principal, any part of which is guaranteed, will not exceed the amount specified in annual appropriations Acts. 45 Sec. 108(i) was added by sec. 2211 of the Omnibus Trade and Competitiveness Act of 1988 (Public Law 100-418; 102 Stat. 1335). De vernacunal Development and Food Assistance Act of 1978 92 vres etermined to be relatively east developed based on the used ive per centum of the amount of funds 14s-Staring and Funding Limits.-No assistance y be United States Government to a country DADE UT sezon 367 (1.48 me President, and the President is sansted, The vet vetory provide at least 25 per centum of the costs of the Xia, and illa of this Act may not be der to mate available under this chapter for use de tus mate avalade for any provision Jakter my mustert a, and consolidated with the valakid or my e Tyson f is magter, and seu try a ne nurses for which such junes may be Actur tal de provision for the benefit of which - Jess parameea nuers subsection may be in dollars Ker arrences. I te ase I cars in currencies other than Sarantees sued na be subject to an overall pay vence stali segregaten he evolving fund account and serve in amount stimated to be sufficent to cover the EXPERTEN TE Laouites on the loan marantees outstanding DIS NESTO -xcept car de mount neid in reserve shail entire program, project, or activity with respect to which such assistance is to be furnished, except that such costs borne by such country may be provided on an "in-kind" basis.50 Sec. 111.51 Development and Use of Cooperatives.-In order to strengthen the participation of the rural and urban poor in their country's development, high priority shall be given to increasing the use of funds made available under this Act for technical and capital assistance in the development and use 52 of cooperatives in the less developed countries which will enable and encourage greater numbers of the poor to help themselves toward a better life. 53 Sec. 112.54 Prohibiting Police Training. [Repealed-1974] Sec. 113.55 Integrating Women Into National Economies.—(a) In recognition of the fact that women in developing countries play a significant role in economic production, family support, and the overall development process of the national economies of such countries, this part shall be administered so as to give particular attention to those programs, projects, and activities which tend to integrate women into the national economies of developing countries, thus improving their status and assisting the total development effort. (b) 55 (1) Up to $10,000,000 of the funds made available each fiscal year under this chapter and chapter 10 of this part 56 shall so The following phrase, as added by Public Law 94-161 (89 Stat. 849) and previously appeared at this point, was struck by sec. 112(b)(1) of the International Development and Food Assistance Act of 1978 (92 Stat. 949): "and except that the President may waive this cost-sharing requirement in the case of a project or activity in a country which the agency primarily responsible for administering part I of this Act determines is relatively least developed based on the United Nations Conference on Trade and Development list of 'relatively least developed countries'.". 51 22 U.S.C. 2151i. Sec. 111, as added by sec. 2(3) of the FA Act of 1973, was amended by sec. 308 of Public Law 94-161 (89 Stat. 849). It formerly read as follows: "In order to strengthen the participation of the urban and rural poor in their country's development, not less than $20,000,000 of the funds made available for the purposes of this chapter shall be available during the fiscal years 1974 and 1975 only for assistance in the less developed countries which will enable and encourage greater numbers of the poor to help themselves toward a better life.". 52 The words "technical and capital assistance in the development and use" were inserted in lieu of "assistance in the development" by sec. 107(a) of the International Development and Food Assistance Act of 1977 (Public Law 95-88; 91 Stat. 535). 53 A sentence which earmarked funds specifically for technical assistance to carry out the purposes of this section and had previously appeared at this point was repealed by sec. 122 of the International Development Cooperation Act of 1979 (Public Law 96-53; 93 Stat. 366). 54 Sec. 112, as added by sec. 2(3) of the FA Act of 1973, was repealed by sec. 30(b) of the FA Act of 1974. (See sec. 660 of this Act, "Prohibiting Police Training," page 290.) 55 22 U.S.C. 2151k. Sec. 113, as added by sec. 2(3) of the FA Act of 1973, was amended and restated by sec. 108 of the International Development and Food Assistance Act of 1977 (Public Law 95-88; 91 Stat. 536). Sec. 113 formerly read as follows: "SEC. 113. INTEGRATING WOMEN INTO NATIONAL ECONOMIES.-Part I of this Act shall be administered so as to give particular attention to those programs, projects, and activities which tend to integrate women into the national economies of foreign countries, thus improving their status and assisting the total development effort.". Subsecs. (b) and (c), as added by Public Law 95-88 and which required a report from the President concerning the impact of development programs, projects, and activities on the integration of women into the developing economies of countries receiving assistance under this part, were repealed by sec. 122 of the International Development Cooperation Act of 1979 (Public Law 9653; 93 Stat. 366) (such report was submitted to the Congress on August 3, 1978). This subsec. (b), originally added as subsec. (d) by Public Law 95-424 (92 Stat. 947), was redesignated as subsec. (b) by Public Law 96-53. The current text of subsec. (c) was added by sec. 305 of the International Security and Development Cooperation Act of 1981 (Public Law 97-113; 95 Stat. 1533). 56 Sec. 562 of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1991 (Public Law 101-513; 104 Stat. 2026), added a new chapter 10 to part of this Act, providing for long-term development in sub-Saharan Africa (see page 170), and made a conforming amendment by inserting "and chapter 10 of this part❞ here. be used, in addition to funds otherwise available for such purposes, for assistance on such terms and conditions as the President may determine to encourage and promote the participation and integration of women as equal partners in the development process in the developing countries. These funds shall be used primarily to sup part activities which will increase the economic productivity and income earning capacity of women. 2 Nothing in this section shall be construed to authorize the estanishment of a separate development assistance program for Not less than $500,000 of the funds made available under marer to fisa veer 19% shall be expended on international soner. the original goals of the United Nations inmitt Le of Funds for Abortions or Involuntary Serpenter 198 100s Fewnincang Use of Funds for Certain Countries. Humar Kurnis― Nr assistance may be provided na te preccome any country which engages in I I es volations of internationally recogHERE or cruel, inhuman, or deTHRISCHE prolonged detention without In other as a persons by the abduction and The US or other flagrant denial of Dy of person, unless such asSd DHT beanie in such country. Whier Da standard is being met with e her as the Committee on ForSimer m Comme on International Re resenazes mer require the AdminisRisce i administering part I of this Act to mac demansrsng that such assistance De new ecce such country, together A PALJANI a the assistance to be provided (includELS 3 SUCH INSELY and an explanation of UPALY MAX the needy people in such raber Suse of Congress disagrees cours scor I may initiate action to terAAN DEN NY 2 3 concurrent resolution under CARRY Say be provided to any government failing as repealed by sec. 104(b) of the International was 30060 by sec. 310 of Public Law 94-161 (89 Stat. 849). hung with causing the disappearance of sd Development Cooperation Act of 1980 (Public Law 96-533; 94 he si he Foreign Operations Export Financing, and Related Programs Ap8. Puboc Law 101-313; 104 Stat. 2066), added this second subsec. (b). |