§ 262p-2. — Instructions to United States Executive Directors for extension of credit.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC262p-2]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
Sec. 262p-2. Instructions to United States Executive Directors
for extension of credit
(a) International Bank for Reconstruction and Development; International
Development Association; access of poor to formal sources of
credit; identification and removal of barriers to extension of
credit generally and to provisions of credit to microenterprises
The Secretary of the Treasury shall instruct the United States
Executive Director of the International Bank for Reconstruction and
Development and the International Development Association to initiate
discussions with other directors of such Bank or Association and to
propose that--
(1) in carrying on the activities of the Bank or Association,
the Bank or Association take such steps as may be necessary to
increase access for the poor people of a borrowing country to formal
sources of credit; and
(2) the Bank or Association include a requirement in all
appropriate project and nonproject agreements, as a condition for
assistance under such agreements, that the borrowing country
identify and remove unreasonable legal and regulatory barriers to--
(A) the establishment or operation of organizations which
extend credit; and
(B) the provision of credit to microenterprises for small
scale economic activities.
(b) African Development Bank and Asian Development Bank; provision of
credit to microenterprises
The Secretary of the Treasury shall instruct the United States
Executive Directors of the African Development Bank and the Asian
Development Bank to initiate discussions with other directors of the
respective banks and to propose that each such bank--
(1) examine the Program for the Financing of Small Projects of
the Inter-American Development Bank and the steps taken by such bank
to link the Program to the mainstream operation of the bank; and
(2) explore ways and means to establish similar programs within
the respective banks to provide credit to microenterprises for small
scale economic activities.
(c) Annual reports to Congress; inclusion of status of microenterprise
credit promotion activities
Each annual report to the Congress by the National Advisory Council
on International Monetary and Financial Policies shall describe the
status of the microenterprise credit promotion activities of each of the
institutions referred to in subsection (a) or (b) of this section.
(Pub. L. 95-118, title XVI, Sec. 1603, as added Pub. L. 100-202,
Sec. 101(e) [title I], Dec. 22, 1987, 101 Stat. 1329-131, 1329-134.)
Codification
Section 1603 of Pub. L. 95-118 is based on section 701 of title VII
of H.R. 3750, One Hundredth Congress, as introduced Dec. 11, 1987, and
enacted into law by Pub. L. 100-202.
Definitions
The definitions in section 262p-5 of this title apply to this
section.
