Financing pilot programs; scope
It is the sense of the Congress that in order to stimulate the participation of the private sector in the economic development of less-developed countries, the authority conferred by this section should be used to establish pilot programs to encourage private banks, credit institutions, similar private lending organizations, cooperatives, and private nonprofit development organizations to make loans on reasonable terms to organized groups and individuals residing in a community for the purpose of enabling such groups and individuals to carry out agricultural credit and self-help community development projects for which they are unable to obtain financial assistance on reasonable terms. Agricultural credit and assistance for self-help community development projects should include, but not be limited to, material and such projects as wells, pumps, farm machinery, improved seed, fertilizer, pesticides, vocational training, food industry development, nutrition projects, improved breeding stock for farm animals, sanitation facilities, and looms and other handicraft aids.
Guaranties; percentage limitation
To carry out the purposes of subsection (a), the agency primarily responsible for administering subchapter I of this chapter is authorized to issue guaranties, on such terms and conditions as it shall determine, to private lending institutions, cooperatives, and private nonprofit development organizations assuring against loss of not to exceed 50 per centum of the portfolio of such loans made by any lender to organized groups or individuals residing in a community to enable such groups or individuals to carry out agricultural credit and self-help community development projects for which they are unable to obtain financial assistance on reasonable terms. In no event shall the liability of the United States exceed 75 per centum of any one loan.
Total and individual amount of guaranties
The total face amount of guaranties issued under this section outstanding at any one time shall not exceed $20,000,000. Not more than 10 per centum of such sum shall be provided for any one institution, cooperative, or organization.
Inter-American Foundation consultations
The Inter-American Foundation shall be consulted in developing criteria for making loans eligible for guaranty coverage in Latin America under this section.
Guaranty reserve
section 2183(b) of this title1
Administrative and operating expenses; funds
1Funds held by the Overseas Private Investment Corporation pursuant to section 2196 of this title may be available for meeting necessary administrative and operating expenses for carrying out the provisions of this section through .
Transfer of Overseas Private Investment Corporation’s obligations and assets
1The Overseas Private Investment Corporation shall, upon enactment of this subsection, transfer to the agency primarily responsible for administering subchapter I of this chapter all obligations, assets, and related rights and responsibilities arising out of, or related to the predecessor program provided for in section 2200 of this title.
Termination of authority
The authority of this section shall continue through .
Excess foreign currencies; use
Notwithstanding the limitation in subsection (c) of this section, foreign currencies owned by the United States and determined by the Secretary of the Treasury to be excess to the needs of the United States may be utilized to carry out the purposes of this section, including the discharge of liabilities under this subsection. The authority conferred by this subsection shall be in addition to authority conferred by any other provision of law to implement guaranty programs utilizing excess local currency.
Pub. L. 87–195Pub. L. 93–559, § 8(a)(2)88 Stat. 1796Pub. L. 95–88, title I, § 117(b)(1)91 Stat. 540Pub. L. 95–424, title I, § 115(b)92 Stat. 951Pub. L. 96–53, title I, § 112(b)93 Stat. 364Pub. L. 97–43896 Stat. 2286Pub. L. 98–473, title I, § 101(1)98 Stat. 1884Pub. L. 99–83, title III, § 313(d)99 Stat. 217Pub. L. 106–113, div. B, § 1000(a)(2) [title V, § 586(h)(3)]113 Stat. 1535(, pt. I, § 222A, as added , , ; amended , , ; , title V, § 502(d)(1), , , 959; , , ; , , ; [title V, § 541(a)], , , 1903; , , ; , , , 1501A–120.)
Editorial Notes
References in Text
Section 2200 of this titlesection 240 of Pub. L. 87–195section 105 of Pub. L. 91–175section 8(b) of Pub. L. 93–559section 240 of Pub. L. 87–195section 9 of Pub. L. 95–268section 2200 of this titlePub. L. 115–254, div. F, title VI, § 1464(2)132 Stat. 3513, referred to in subsecs. (e) and (g), was in the original a reference to section 240 of this Act, meaning , as added by , which was repealed by , and was replaced by this section. Another , as added by , was enacted , and was classified to , prior to repeal by , , .
Section 2196 of this titlePub. L. 115–254, div. F, title VI, § 1464(2)132 Stat. 3513, referred to in subsec. (f), was repealed by , , .
Codification
Pub. L. 106–113, div. B, § 1000(a)(2) [title V, § 586(h)(3)]113 Stat. 1535Pub. L. 106–113section 290f of this titleAmendment by , , , 1501A–120, directing repeal of subsec. (d) of this section did not become effective pursuant to section 1000(a)(2) [title V, § 586] of div. B of , formerly set out as an Abolition of the Inter-American Foundation note under .
Pub. L. 98–473Pub. L. 98–473Amendment by is based on section 312 of H.R. 5119, Ninety-eighth Congress, as passed by the House of Representatives , which was enacted into permanent law by .
Amendments
Pub. L. 99–831985—Subsec. (h). substituted “1988” for “1986”.
Pub. L. 98–4731984—Subsec. (a). struck out “in Latin America,” after “economic development of less-developed countries” and “in not more than six Latin American countries” after “establish pilot programs”.
Pub. L. 98–473Subsec. (b). struck out “in not more than five Latin American countries” after “nonprofit development organizations”.
Pub. L. 98–473Subsec. (h). substituted “1986” for “1983”.
Pub. L. 97–4381983—Subsec. (h). substituted “1983” for “1982”.
Pub. L. 96–53, § 112(b)(1)1979—Subsec. (a). , substituted “six” for “five”.
Pub. L. 96–53, § 112(b)(2)Subsec. (c). , substituted “$20,000,000” for “$15,000,000”.
Pub. L. 96–53, § 112(b)(3)Subsec. (h). , substituted “through ” for “until ”.
Pub. L. 95–424, § 115(b)1978—Subsec. (h). , substituted “” for “”.
Pub. L. 95–424, § 502(d)(1)Subsec. (j). , struck out subsec. (j) relating to a Presidential report to Congress on the results of the program established under this section.
Pub. L. 95–881977—Subsec. (h). substituted “” for “”.
Statutory Notes and Related Subsidiaries
References to Subchapter I Deemed To Include Certain Parts of Subchapter II
section 202(b) of Pub. L. 92–226section 2346 of this titleReferences to subchapter I of this chapter are deemed to include parts IV (§ 2346 et seq.), VI (§ 2348 et seq.), and VIII (§ 2349aa et seq.) of subchapter II of this chapter, and references to subchapter II are deemed to exclude such parts. See , set out as a note under , and sections 2348c and 2349aa–5 of this title.
Effective Date of 1985 Amendment
Pub. L. 99–83section 1301 of Pub. L. 99–83section 2151–1 of this titleAmendment by effective , see , set out as a note under .
Effective Date of 1979 Amendment
Pub. L. 96–53section 512(a) of Pub. L. 96–53section 2151 of this titleAmendment by effective , see , set out as a note under .
Effective Date of 1978 Amendment
Pub. L. 95–424section 605 of Pub. L. 95–424section 2151 of this titleAmendment by effective , see , set out as a note under .
Transfer of Functions
For transfer of functions, personnel, assets, and liabilities of the Overseas Private Investment Corporation and of non-Development Credit Authority guaranty programs of the United States Agency for International Development to the United States International Development Finance Corporation and treatment of related references, see sections 9683 and 9686(d) of this title.